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Economic Times
26-04-2025
- Business
- Economic Times
Ather Energy raises Rs 1,340 crore from 36 anchor investors ahead of IPO
The Bengaluru-based electric two-wheeler maker allocated 41.7 million equity shares to 36 anchor investors at Rs 321 apiece, including a share premium of Rs 320 per share. SBI, Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority, Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale, among others, participated in the anchor round. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Electric two-wheeler (E2W) maker Ather Energy has raised Rs 1,340 crore from anchor investors ahead of its initial public offering (IPO), which opens on April its board meeting held on April 25, the Bengaluru-based company finalised the allocation of 41.7 million equity shares to 36 anchor investors at Rs 321 apiece. This includes a share premium of Rs 320 per share, Ather said in an exchange in the anchor round include State Bank of India , 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 IPO, which will close on April 30, has a price band of Rs 304-Rs 321 per Mutual Fund emerged as the largest investor in the anchor round, contributing Rs 310 crore—around 23.1% of the total anchor is set to become the second pure-play E2W company to list on the Indian stock exchanges, following Ola Electric . The IPO is also expected to deliver significant gains to early investors and to the red herring prospectus (RHP), Tiger Global 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, public issue is also set to unlock wealth worth Rs 530 crore for over 1,300 employees covered under Ather's employee stock option plan (ESOP).After filing its draft red herring prospectus (DRHP) last year, Ather trimmed the size of its fresh issue from Rs 3,100 crore to Rs 2,626 crore, amid unfavourable market conditions. The offer-for-sale (OFS) component has also been reduced by about 50%. 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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Business Standard
25-04-2025
- Business
- Business Standard
Ather Energy garners Rs 1,340 cr from anchor investors ahead of IPO
Electric two-wheeler maker Ather Energy Ltd on Friday said it has mobilised Rs 1,340 crore from anchor investors days ahead of the launch of its initial share sale for public subscription. The Ather Energy IPO opens for public subscription on April 28. Some of the key anchor investors who were allocated shares include Custody Bank of Japan, Franklin Templeton, Abu Dhabi Investment Authority, Eastspring Investments, Morgan Stanley Investment Management and Societe Generale. PSBI Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential MF, Invesco MF, Aditya Birla Sun Life Insurance, ITI MF and Union MF are among the anchor investors. According to a circular uploaded on BSE's website, the electric two-wheeler maker has allotted 4.17 crore shares to 36 funds at Rs 321 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 1,340 crore. The Rs 2,981-crore public issue, with a price band of Rs 304 to Rs 321 a piece, will be available for public subscription from April 28 to April 30. This will be the first mainboard public issue of the current financial year (2025-26). The IPO will be a combination of fresh issue of equity shares worth Rs 2,626 crore and an offer-for-sale of 1.1 crore equity shares by promoters and other shareholders. Ather intends to raise funds for establishment of an electric two-wheeler factory in Maharashtra, and debt reduction. At the upper end of the price band, the IPO size is pegged at Rs 2,981 crore, placing the company's overall valuation at Rs 11,956 crore. This will be the second electric two-wheeler company looking to go public after Ola Electric Mobility floated its Rs 6,145-crore IPO in August last year. Ola Electric's IPO had a fresh issue of up to Rs 5,500 crore and an OFS of up to 8.5 crore equity shares. Apart from its IPO plans, Ather Energy has also been expanding its research and development capabilities. Recently, the company announced the expansion of its R&D and testing capabilities at its product testing & validation centre. The electric two-wheeler company has set aside 75 per cent of the issue for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Axis Capital, JM Financial, Nomura Financial Advisory and Securities (India), and HSBC Securities & Capital Markets are the IPO's book-running lead managers. The equity shares of the company are expected to list on May 6 on the stock exchanges.
