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Ashu Singh

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Indian electric scooter manufacturer Ather Energy is aiming to raise approximately $530 million through its initial public offering (IPO), as outlined in its draft prospectus filed on Monday. The Bengaluru-based startup plans to capitalize on the increasing demand for electric vehicles in India, the world’s third-largest automotive market. Competing with rival Ola Electric, which recently went public, Ather Energy is seeking a valuation between $1.5 billion and $2 billion, according to sources cited by TechCrunch. The company intends to issue new shares worth $370 million in the IPO, alongside the sale of up to 22 million shares from existing investors.

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