Electric two-wheeler maker Ather Energy Ltd on Wednesday said it has fixed a price band of ₹304 to ₹321 a piece for its ₹2,981 crore initial public offering (IPO). The issue will be open for public subscription from April 28 to April 30.
The bidding for anchor investors will open for a day on April 25, the company announced. This will be the first mainboard public issue of the current financial year.
The IPO will be a combination of fresh issue of equity shares worth ₹2,626 crore, and an Offer-For-Sale (OFS) of 1.1 crore equity shares by promoters and other shareholders.
Ather intends to raise funds for the establishment of an electric two-wheeler factory in Maharashtra and for debt reduction. At the upper end of the price band, the IPO size is pegged at ₹2,981 crore, placing the company’s overall valuation at ₹11,956 crore.
Ather Energy on Wednesday said it remains bullish on its scooter portfolios in the coming few years and that distribution expansion will drive a lot of growth in the near-term for the company.
“While the entire tariff situation is open, in our opinion, the India consumer story, specifically the Indian EV adoption story remains, unchallenged because that’s driven by very secular truths, (whether) US tariffs on or off, they have very limited impact on it,” Ather Energy co-founder and CEO Tarun Mehta said.
