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Ather Energy Plans $400 Million IPO to Fuel Growth

Aditi Singh by Aditi Singh
March 12, 2025
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Ather Energy, the Indian electric scooter manufacturer backed by Hero MotoCorp, is preparing for a major step towards public listing with plans to raise around $400 million through an initial public offering (IPO). The company aims to debut on the Mumbai Stock Exchange in the coming weeks, targeting a post-offer valuation of about $1.6 billion.

The IPO, which is expected to launch by the end of March or early April, will consist of both primary and secondary shares. While Ather’s founders and key investors, including Tiger Global and the National Investment and Infrastructure Fund, will sell part of their stakes, Hero MotoCorp, holding a 37% stake, has decided not to participate in the sale.

Initially, Ather had eyed a valuation of $2 billion for the IPO, but the current market conditions have forced the company to reassess its valuation. The Indian stock market has faced challenges, with the Sensex seeing a decline of 5% this year, and this has impacted investor sentiment. Despite this, Ather is confident about its future prospects.

Founded in 2013, Ather Energy is one of India’s earliest entrants in the electric vehicle space. While it initially positioned itself as a premium player, the company is now focusing on expanding its reach amidst increasing competition from established brands like Bajaj Auto, TVS Motor, and newer players like Ola Electric.

The IPO comes at a time when the demand for electric scooters in India is showing signs of slowing down. February sales figures revealed an 8% decline in two-wheeler sales, with Ather’s growth rate of 20% last year outpaced by Ola’s 52% rise. Despite these challenges, Ather is hopeful that its IPO will help it scale and capture more of the growing electric vehicle market.

If successful, Ather’s IPO will be only the second by an Indian pure-play electric vehicle maker, following the listing of Ola Electric. However, like Ola, Ather faces market volatility, with Ola’s stock falling sharply since its peak. This highlights the unpredictable nature of the EV market in India and poses risks for Ather’s public debut.

Tags: Ather EnergyElectric scooterElectric VehicleEV newsev timesHero MotoCorp
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