=Electric vehicle manufacturer Ather Energy is set to hit the primary market with its much-anticipated initial public offering (IPO) between April 28 and April 30, as it looks to raise Rs 2,626 crore through a fresh issue of equity shares. The company has filed its draft red herring prospectus (RHP) with SEBI, with additional offer-for-sale (OFS) component of 1.10 crore equity shares by select shareholders.
The IPO will not include a shareholder quota, though there is a separate employee quota, and retail investors have been allocated 10% of the total offer.
Valuation Adjusted for Market Conditions
Ather Energy is targeting a pre-money valuation of Rs 9,900–10,000 crore, with post-money valuation expected to cross Rs 12,000 crore. This is notably lower than its earlier expectation of Rs 14,000 crore, reflecting a more cautious stance amid current market sentiment.
While co-founders Tarun Mehta and Swapnil Jain, along with investors like NIIF and Tiger Global’s Internet Fund III, are participating in the OFS, Hero MotoCorp—the company’s largest shareholder with over 37% stake—will not offload any shares in the IPO.
Financial Snapshot
Despite growing revenue, Ather Energy continues to remain in the red. Here’s a quick look at its recent financials:
| Period | Revenue (Rs Cr) | Net Loss (Rs Cr) |
|---|---|---|
| FY23 | 1,801.8 | (864.5) |
| FY24 | 1,789.1 | (1,059.7) |
| 9M FY25 | 1,617.4 | (579.6) |
Key Offer Details
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Issue Size:
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Fresh Issue: Rs 2,626 crore
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OFS: 1,10,51,746 equity shares
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Face Value: Re 1 per share
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Lead Managers: Axis Capital, HSBC Securities, JM Financial, and Nomura
