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Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares
Entrackr
·
11m ago
Medial
Electric two-wheeler firm Ather Energy has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. Ather will be the second two-wheeler EV maker to make its debut on the stock exchange. Ola Electric went public last month. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 3,100 crore (approximately $370 million) and an offer for sale (OFS) of up to 2.2 crore equity shares, according to the DRHP. GIC Ventures through its subsidiary Caladium Investment will divest 47.8% of the total offer for sale (OFS) while Tiger Global and 3 States Ventures will offload 18.1% and 2.18% of the offer for sale. Tarun Mehta and Swapnil Jain will also participate by offering 10 lakh shares each. The fresh issue and OFS will be allotted at a face value of Re 1 while the company will decide the price band and minimum lot band in consultation with the book-running lead managers shortly. According to the DRHP, Hero MotoCorp is the largest external shareholder with 37.2% followed by GIC (Caladium Investment) and NIIF which hold 15.04% and 10.29% respectively. However, Hero MotoCorp won’t participate in the OFS, which is a bit surprising for the observers. Its co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain cumulatively hold 13.26% of the company. Axis Capital, HSBC Securities, Nomura Financial, and JM Financial are the book-running lead managers of the issue. The company will use the proceeds from the fresh issue of shares on capital expenditure to establish their E2W factory, repayment of borrowing, research and development, and expenditures towards marketing, the DRHP further added. Ather recently turned unicorn after $71 million in funding from existing investor National Investment and Infrastructure Fund. The Bengaluru-based firm became the second unicorn from the electric vehicle space after Softbank-backed Ola Electric. Ather has raised over $500 million out of which $125 million came in the last three months for the Mehta-led company. The company also disclosed its Q1 FY25 numbers and it recorded Rs 339 crore in revenue in the first quarter of FY25 with a net loss of Rs 183 crore in the same period. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s customer base increased by 34% to 1,14,000 in FY24. During FY23, the firm posted 270% customer growth, as per the DRHP. Notably, during the previous fiscal (FY24), Ather imported 28% of the raw materials from China where the figures stood at 10% in FY23. Ather competitor Ola Electric posted Rs 1,644 crore in revenue in Q1 FY25, marking its net loss down by 17%. Among two-wheeler EVs, Ather had 9% market share as of Q1 FY25 while Ola was at the top with 49%.
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Ola Electric competitor Ather Energy files for IPO to raise Rs 3,100 crore
Economic Times
·
11m ago
Medial
Indian electric two-wheeler manufacturer Ather Energy has announced its plans to go public with an initial public offering (IPO) of fresh shares valued at Rs 3,100 crore ($369.4 million). Ather, which is backed by Hero MotoCorp, produces electric scooters and competes with Ola Electric. The IPO will also include the sale of up to 22 million shares by investors and major shareholders. The capital raised will be used for establishing a new manufacturing plant for electric two-wheelers in Maharashtra and for research and development efforts. Axis Capital and JM Financial are the lead managers for the IPO.
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Ather Energy bags Rs 550 Cr from Hero MotoCorp
Entrackr
·
1y ago
Medial
Ather Energy, an electric scooter manufacturer, is set to raise INR 550 crore (approximately $73 million) through a right issue, with investment coming from Hero MotoCorp, a multinational motorcycle manufacturer. Hero MotoCorp holds a 33.1% stake in Ather prior to this investment. This funding agreement follows Hero MotoCorp's participation in a $128 million funding round for Ather in May 2022. Ather Energy's valuation was estimated to be around $750 million in October 2021 during a $50 million funding round.
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Ather Energy plans IPO with reduced valuation, targets ₹10,461 cr
Inshorts
·
4m ago
Medial
Ather Energy backed by Hero MotoCorp is preparing for an IPO with a reduced valuation of ₹10,461 crore, down from the initially targeted ₹17,439 crore, Bloomberg reported. The company recently converted its compulsory convertible preference shares into equity, advancing its IPO plans. The IPO could raise approximately ₹3,487 crore, with a potential launch by late March or early April.
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Hero MotoCorp-backed Ather Energy may launch its IPO by mid-April
Business Today
·
4m ago
Medial
Ather Energy, supported by Hero MotoCorp, plans to launch its IPO in mid-April, featuring a fresh share sale of Rs 3,100 crore and an offer for sale (OFS) of up to 2.2 crore equity shares. Valued at Rs 14,000-15,000 crore, the IPO is managed by Axis Capital, HSBC, JM Financial, and Nomura, and will list on BSE and NSE. Funds raised will support capex, debt repayment, and corporate needs.
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Ather brings ₹390 crore loss to Hero MotoCorp in FY24
Inshorts
·
1y ago
Medial
EV startup Ather Energy's loss attributable to Hero MotoCorp stood at ₹389.77 crore in FY24. Hero MotoCorp, which holds over a 40% stake in Ather, forged a partnership with Ather for an EV charging network. In FY24, Hero MotoCorp invested nearly ₹700 crore to increase its stake in Ather to 40.89% from 33.11% in FY23.
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How IPO-bound Ather Energy stacks up against Ola Electric, Bajaj Auto, Hero Moto, TVS Motor
Economic Times
·
3m ago
Medial
Ather Energy, an electric two-wheeler company, is preparing for an IPO but lags behind peers like Ola Electric, Bajaj Auto, Hero MotoCorp, and TVS Motor in business metrics. Despite posting losses, Ather aims to expand its market presence and manufacturing capacity. With a current market share of 10.7%, Ather plans to enhance its distribution network and launch new platforms. The IPO aims to raise Rs 2,981 crore with shares listed on May 6.
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Swiggy Files Updated DRHP With SEBI For INR 3,750 Cr IPO
Inc42
·
10m ago
Medial
Swiggy plans to raise INR 3,750 Cr through a public issue, with a fresh issuance of shares and an offer for sale (OFS) component. Investors including Accel, Coatue, Alpha Wave, Elevation, Norwest, and Tencent will sell shares as part of the OFS component. The move comes after SEBI approved Swiggy's draft red herring prospectus (DRHP) filed via the confidential route.
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Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
Economic Times
·
1y ago
Medial
Flipkart co-founder Sachin Bansal has sold his remaining 7.5% stake in electric scooter manufacturer Ather Energy. Bansal sold a 2.2% stake to Hero MotoCorp for INR 124 crore and the rest to Zerodha co-founder Nikhil Kamath. Bansal had previously invested around INR 400 crore in Ather Energy. Hero MotoCorp's inferred valuation for the latest stake purchase was INR 5,636 crore. After this transaction, Hero MotoCorp now holds about 40% of Ather's total shareholding. Ather Energy recently raised INR 286 crore ($34 million) in funding and plans to raise between $75-90 million in the next round.
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Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake
Entrackr
·
1y ago
Medial
Hero MotoCorp has approved the purchase of an additional 2.2% stake in the electric scooter maker Ather Energy for about Rs 124 crore (approximately $15 million). This is the third investment from Hero MotoCorp in the Bengaluru-based company in the last nine months. In December, Hero MotoCorp acquired 3% stake in Ather Energy for Rs 140 crore ($16.8 milion). With the latest investment, Hero MotoCorp now controls nearly 42% holding in the Tarun Mehta-led company. The development comes shortly after Ather Energy’s $34.5 million debt and equity fundraise in which co-founders Mehta and Swapnil Jain also pumped in over $10 million collectively. Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. As per startup data intelligence platform TheKredible, Sachin Bansal is the second largest investor after Hero MotoCorp in Ather. Other notable external stakeholders include Caladium Investment and Tiger Global. During FY23, Ather’s revenue from operations spiked 4.36X to Rs 1,784 crore while its losses grew 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw an uptick in sales in May after a 50% drop in overall sales in April. As per Vahan data, Ather Energy had a market share of 9.45% as it sold 6,024 units in the last month. Its competitor Ola Electric was at the top with the sale of 37,191 units followed by TVS and Bajaj with 11,737 units and 9,189 units, respectively.
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Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Entrackr
·
1y ago
Medial
Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.
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