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Time of India
06-05-2025
- Business
- Time of India
Ather IPO: Flipkart founders' early bet pays off as investors double gains despite muted debut
Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Promoters and major shareholders sold 1.1 lakh shares via the offer for sale (OFS), raising Rs 354.76 crore Amit Bhatia exited fully, selling his stake for Rs 59.48 lakh Hero MotoCorp, the largest shareholder with 30.9% stake (11.5 crore shares), did not sell in the IPO Current stake values post-listing: Tiger Global: Rs 585.66 crore NIIF: Rs 537.76 crore GIC: Rs 1,225.45 crore IIT Madras: Rs 45.9 crore Live Events Sachin Bansal and Binny Bansal invested Rs 3.1 crore each in Ather back in 2014. Sachin later pumped in Rs 400 crore in 2019 and 2020, but exited by selling to Hero MotoCorp and Zerodha's Kamath brothers, losing up to 20% in unrealised gains. Binny Bansal, who retained his shares, has seen his original investment grow to Rs 92 crore. Ather raised Rs 1,340 crore from anchor investors ahead of IPO, with SBI Mutual Fund contributing Rs 310 crore (23.1% of anchor book). Over 1,300 employees holding 1.65 crore shares under the 2024 esop programme saw wealth creation of around Rs 500 crore. Shares opened modestly higher: Up 2.18% on NSE Up 1.57% on BSE But closed lower due to market pressure: Rs 302.50 on BSE, down 7.22% Rs 300 on NSE, down 8.54% Promoters and early backers of Ather Energy , including Flipkart cofounder Binny Bansal GIC , and NIIF, have seen the value of their stakes more than double — even as the EV company 's shares slipped below listing price on debut. Despite a subdued market debut , the combined value of stakes held by Ather's promoters and key shareholders now stands at Rs 7,055.65 crore, or 2.2x their investment, as per ET calculations from the red herring group includes Tarun Mehta, Swapnil Jain, Hero MotoCorp , Tiger Global, GIC , NIIF, and IIT Madras, who collectively own about 62% of the company.
Time of India
23-04-2025
- Business
- Time of India
Promoters, early backers of Ather Energy eye strong gains through IPO
Live Events 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 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) 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 Hero MotoCorp is not selling any shares through the 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 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 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 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.
Time of India
23-04-2025
- Automotive
- Time of India
Ather Energy set to launch ₹3,000-cr IPO on April 28
Mumbai: India's primary market is poised to snap a two-and-a-half-month dry spell, with electric scooter maker Ather Energy gearing up to launch its ₹3,000 crore initial public offering on April 28, said people familiar with the matter. The Bengaluru-based startup, backed by Hero MotoCorp , is expected to be valued at ₹9,900 crore pre-IPO and ₹12,500 crore post-issue, the people said. The offering will comprise a fresh issue of ₹2,626 crore and an offer for sale of around ₹350 crore by existing investors including Tiger Global Management, National Investment and Infrastructure Fund III (NIIF), 3State Ventures Internet Fund III, and IITM. This will be the first major IPO since Quality Power Equipments raised ₹859 crore on February 18. Axis Capital , HSBC Securities, JM Financial and Nomura are the book-running lead managers for the issue. Ather has reportedly trimmed its valuation to about $1.4 billion from a previously estimated $2 billion, reflecting continued tepid sentiment in the secondary market. The company plans to use the IPO proceeds for capital expenditure, R&D, marketing, and debt repayment. Last year, Ather raised ₹600 crore in a funding round led by NIIF at a valuation of $1.3 billion. Ather's offering will be closely watched, especially after rival Ola Electric's listing last year set valuation benchmarks for India's electric two-wheeler market . Ola currently trades at about 6 times its EV/sales, while Tesla commands a multiple of around 6.8 times. Ather has about 11% market share in the Indian electric two-wheeler market, as of December. Ather is also betting big on capacity expansion. It plans to invest ₹2,000 crore in a new manufacturing facility in Maharashtra, with an annual capacity of one million vehicles and battery packs. So far, in 2025, just nine companies have raised ₹15,723 crore via IPOs-well below the ₹1.6 lakh crore mobilised by 91 companies in all of 2024.
Economic Times
23-04-2025
- Automotive
- Economic Times
Ather Energy set to launch Rs 3,000-cr IPO on April 28
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: India's primary market is poised to snap a two-and-a-half-month dry spell, with electric scooter maker Ather Energy gearing up to launch its ₹3,000 crore initial public offering on April 28, said people familiar with the Bengaluru-based startup, backed by Hero MotoCorp , is expected to be valued at ₹9,900 crore pre-IPO and ₹12,500 crore post-issue, the people said. The offering will comprise a fresh issue of ₹2,626 crore and an offer for sale of around ₹350 crore by existing investors including Tiger Global Management, National Investment and Infrastructure Fund III (NIIF), 3State Ventures Internet Fund III, and will be the first major IPO since Quality Power Equipments raised ₹859 crore on February 18. Axis Capital , HSBC Securities, JM Financial and Nomura are the book-running lead managers for the has reportedly trimmed its valuation to about $1.4 billion from a previously estimated $2 billion, reflecting continued tepid sentiment in the secondary market. The company plans to use the IPO proceeds for capital expenditure, R&D, marketing, and debt repayment. Last year, Ather raised ₹600 crore in a funding round led by NIIF at a valuation of $1.3 offering will be closely watched, especially after rival Ola Electric's listing last year set valuation benchmarks for India's electric two-wheeler market. Ola currently trades at about 6 times its EV/sales, while Tesla commands a multiple of around 6.8 times. Ather has about 11% market share in the Indian electric two-wheeler market , as of is also betting big on capacity expansion. It plans to invest ₹2,000 crore in a new manufacturing facility in Maharashtra, with an annual capacity of one million vehicles and battery far, in 2025, just nine companies have raised ₹15,723 crore via IPOs-well below the ₹1.6 lakh crore mobilised by 91 companies in all of 2024.
Time of India
23-04-2025
- Business
- Time of India
Ather Energy set to launch Rs 3,000-cr IPO on April 28
So far, in 2025, just nine companies have raised ₹15,723 crore via IPOs-well below the ₹1.6 lakh crore mobilised by 91 companies in all of 2024. Ather has reportedly trimmed its valuation to about $1.4 billion from a previously estimated $2 billion, reflecting continued tepid sentiment in the secondary market. The company plans to use the IPO proceeds for capital expenditure, R&D, marketing, and debt repayment. Last year, Ather raised ₹600 crore in a funding round led by NIIF at a valuation of $1.3 billion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: India's primary market is poised to snap a two-and-a-half-month dry spell, with electric scooter maker Ather Energy gearing up to launch its ₹3,000 crore initial public offering on April 28, said people familiar with the Bengaluru-based startup, backed by Hero MotoCorp , is expected to be valued at ₹9,900 crore pre-IPO and ₹12,500 crore post-issue, the people said. The offering will comprise a fresh issue of ₹2,626 crore and an offer for sale of around ₹350 crore by existing investors including Tiger Global Management, National Investment and Infrastructure Fund III (NIIF), 3State Ventures Internet Fund III, and will be the first major IPO since Quality Power Equipments raised ₹859 crore on February 18. Axis Capital , HSBC Securities, JM Financial and Nomura are the book-running lead managers for the has reportedly trimmed its valuation to about $1.4 billion from a previously estimated $2 billion, reflecting continued tepid sentiment in the secondary market. The company plans to use the IPO proceeds for capital expenditure, R&D, marketing, and debt repayment. Last year, Ather raised ₹600 crore in a funding round led by NIIF at a valuation of $1.3 offering will be closely watched, especially after rival Ola Electric's listing last year set valuation benchmarks for India's electric two-wheeler market . Ola currently trades at about 6 times its EV/sales, while Tesla commands a multiple of around 6.8 times. Ather has about 11% market share in the Indian electric two-wheeler market, as of is also betting big on capacity expansion. It plans to invest ₹2,000 crore in a new manufacturing facility in Maharashtra, with an annual capacity of one million vehicles and battery far, in 2025, just nine companies have raised ₹15,723 crore via IPOs-well below the ₹1.6 lakh crore mobilised by 91 companies in all of 2024.
