Ather Energy's IPO sees 16% subscription on first day
Electric two-wheeler (E2W) maker
Ather Energy
launched its
initial public offering
(
IPO
) on April 28, with investors subscribing to 16 percent of the total shares available.
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According to data from the BSE, bids were placed for 8.6 million shares out of the 53 million offered. The retail portion was subscribed 0.63 times, while non-institutional investors (NIIs) subscribed 0.16 times.
Qualified institutional buyers (QIBs) placed bids for just 5,060 shares on the first day against the 28.9 million shares allocated for the segment. However, the employee-reserved portion saw a strong response, with a subscription rate of 1.78 times for the 100,000 shares on offer.
The public issue, consisting of a fresh issue of Rs 2,626 crore and an offer for sale (OFS) of up to 11 million equity shares, will close on April 30.
Before the IPO, the company raised Rs 1,340 crore from anchor investors, including
State Bank of India
(SBI), Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton,
ICICI Prudential
, Morgan Stanley, and Societe Generale, among others.
According to the red herring prospectus (RHP), the IPO is expected to generate significant gains for early investors and promoters. Tiger Global, one of Ather's early backers, is set to earn a return multiple of 8.3x on its investment. Singapore's sovereign wealth fund GIC and the National Investment and Infrastructure Fund (NIIF) are expected to clock multiples of 1.6x and 1.7x, respectively.
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The offering is also expected to
unlock wealth worth Rs 530 crore
for over 1,300 employees covered under the company's employee stock option plan (Esop).
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 bookrunning lead managers to the issue.
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