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Ather raises Rs 1,340 Cr from anchor investors ahead of listing

EntrackrEntrackr · 4m ago
Ather raises Rs 1,340 Cr from anchor investors ahead of listing
Medial

Ather raises Rs 1,340 Cr from anchor investors ahead of listing Electric two-wheeler maker Ather Energy has allocated shares worth Rs 1,340 crore (around $157 million) to anchor investors ahead of its initial public offering (IPO). The board at Unicommerce has passed a resolution to offer 4,17,45,576 equity shares at an issue price of Rs 321 each (upper-band) to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange (BSE) shows. SBI, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale are some key anchor investors for Ather. Out of the total issue, 49.6% of the total allocation was made to 7 domestic mutual funds through 14 schemes, the filing further added. Ather Energy initiated its public offering from (28th - 30th April) at a price band of (Rs 304-321) with a minimum bid quantity of 46 equity shares. Before the anchor round, Hero MotoCorp is the largest shareholder in Ather Energy, holding 38.19% of the company. It is followed by Caladium Investment (GIC) with a 15.43% stake. The National Investment and Infrastructure Fund (NIIF) and Tiger Global hold 14.22% and 6.56%, respectively. Ather’s co-founders, Mehta and Jain, each hold 6.81%. According to Entrackr’s estimates, Ather valued itself at $1.44 billion in its initial public offering. In the first nine months of FY25, the company sold 1,08,000 vehicles, generating revenue of Rs 1,578.9 crore. However, it posted a loss of Rs 579.6 crore during the same period. For the full fiscal year ending March 2024, the company reported revenue of Rs 1,753 crore with a loss of Rs 1,062 crore.

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Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
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.

TBO raises Rs 696 Cr from anchor investors

EntrackrEntrackr · 1y ago
TBO raises Rs 696 Cr from anchor investors
Medial

Online B2B travel distribution platform Travel Boutique Online (TBO) has offered Rs 696 crore worth of shares to anchor investors as part of its initial public offering. The board at TBO Tek has passed a resolution to offer 75,70,807 equity shares at an issue price of Rs 920 each to its anchor investors, its regulatory filing accessed from BSE (Bombay Stock Exchange) shows. ABU Dhabi Investment, ICICI Prudential, Kotak Mahindra Securities, Nippon Life, SBI Technology Opportunities, Axis Mutual Fund, Goldman Sachs, Aditya Birla, and Invesco India are some key anchor investors for the company. Out of the total allocation of 7,570,807 equity shares to the anchor investors, 3,155,236 equity shares were allocated to 14 domestic mutual funds through a total of 26 schemes, the filing further added. TBO has initiated its public offering from today (8th May-10th May) 2024 with a price band of Rs 875-920 with the minimum bid quantity of 16 shares. In the DRHP, the Gurugram-based firm had proposed to raise funds through the issue of equity shares of face value of Rs 1 each consisting of a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale of up to 12,508,797 equity shares. As per the DRHP, Lap Travel controls the largest holding in the firm with a 25% stake followed by Augusta TBO which has a 24.32% stake in the company. Bhatnagar and Dhingra control 20% and 5.63% stake respectively. During the nine months (March 23- Dec 23) of FY24, TBO Tek recorded a consolidated revenue of Rs 1,023 crore with a profit of Rs 154 crore. Importantly, income from hotels and packages comprised 72% of its total revenue while collections from air ticketing contributed 25% of its revenue.

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