The Bengaluru-headquartered startup is looking to raise INR 3,500-4,000 crore through the IPO which will comprise a fresh issue and an offer for sale by existing shareholders. Funds raised through the fresh issue would be used partly for capacity expansion, the people said.
The maker of 450X and Rizta electric scooters has engaged investment banks HSBC, JPMorgan, Axis Capital, JM Financial, and Nomura to manage the IPO, one of the persons said.
A spokesperson for Ather Energy didn't respond to ET's email queries.
Ather Energy's IPO plans closely track the successful listing of Ola Electric Mobility, which raised INR 6,146 crore at a valuation of USD 4 billion. Ola's stock has appreciated since its August 9 listing, lifting its valuation to USD 6 billion.
Ather Energy is India's fourth-largest electric two-wheeler maker by volume, following Ola Electric, TVS Motor, and Bajaj Auto. Last month, the company sold 10,830 e-scooters, a 51% rise from a year earlier, capturing a market share of 12.2%, according to Vahan, a government vehicle registration database.
This brings the company's market share for the first five months of FY25 to 9% with total sales of 37,508 units. Ola Electric leads the market with a 42.4% share, according to Vahan.
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