Promoters, early backers of Ather Energy eye strong gains through IPO
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Promoters and early investors in Ather Energy are set to make significant gains as the electric two-wheeler (E2W) maker heads for its public listing later this month.Tiger Global, which invested in Ather in 2015 at Rs 38.58 per equity share, is set to offload shares at a multiple of 8.3x. Singapore-based sovereign wealth fund GIC , through Caladium Investment, and the National Investment and Infrastructure Fund (NIIF) — both of which joined Ather's cap table in 2022 — are expected to clock multiples of 1.6x and 1.7x, respectively, the company's red herring prospectus (RHP) showed.Founders Tarun Mehta and Swapnil Jain will each offload shares worth Rs 31.4 crore through the initial public offering (IPO), whereas Tiger Global, GIC, NIIF, and IIT Madras will offload shares worth Rs 12.84 crore, Rs 192.71 crore, Rs 84.57 crore, and Rs 1.13 crore, respectively, despite reducing their offer for sale (OFS) component as decided initially.Promoter Hero MotoCorp is not selling any shares through the OFS.After filing its draft red herring prospectus (DRHP) last year, the Bengaluru-based company has now reduced its fresh issue size by around 15 percent from 3,100 crore to 2,981 crore, amid unfavourable market conditions due to US tariff woes.Discussing the reason for the reduction in IPO size, Ashish Nigam, managing director at Axis Capital, noted that a predominant part of this reduction comes from a lower OFS component. Several shareholders who had initially planned to sell their stakes have decided to retain a larger portion of their holdings, encouraged by the company's recent growth and future potential, he said.Ather's operating revenue grew 28 percent to Rs 1,578.9 crore in the first nine months of FY24, compared to the same period of the previous year. Losses dropped by over 25 percent during the same period to Rs 577.9 crore.Mehta, the chief executive officer of Ather, while discussing the company's investment strategy, said that Ather plans to prioritise investments in product and technology development as well as brand building and will avoid deploying capital in asset-heavy areas such as cell manufacturing and semiconductors, which he noted are highly volatile and subject to rapid technological changes.'Things where technology is changing very rapidly, we don't want to lock ourselves in with our own capex… We believe suppliers are in a better position to handle that kind of volatility of technology changing, form factor changing,' he said. Axis Capital Limited , HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited , and Nomura Financial Advisory and Securities (India) Private Limited are the book-running lead managers for the issue.
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