+
Ather Energy to file Rs 45 Bn IPO papers next week
ECONOMY & POLICY

Ather Energy to file Rs 45 Bn IPO papers next week

Tiger Global-backed startup Ather Energy will be filing its draft prospectus for an initial public offering (IPO) in the first half of the coming week with a valuation target of $2.5 billion, as per sources in the know. The electric scooter maker was last valued at about $1.3 billion.

The recently turned unicorn company has engaged investment banks HSBC, JPMorgan, Axis Capital, JM Financial and Nomura to manage the IPO, the sources added. A spokesperson for Ather Energy declined TOI?s request for comment on the news, first reported by The Economic Times.

Ather, among the earliest players in lithium-ion battery-powered high-speed scooters in India, has been facing fierce competition from the likes of SoftBank-backed Ola Electric and TVS Motor.

The development comes close on the heels of Ola Electric's IPO, which saw significant interest from its employees, retail and non-institutional investors. Also a Bengaluru-based company, it dominates sales of electric scooters in India, with 39% market share as of July. Its IPO was subscribed over four times in August, at a valuation of $4 billion.

Also in August, Ather Energy entered India?s unicorn club with a Rs 600 crore from India's quasi-sovereign National Investment and Infrastructure Fund (NIIF). Post-funding, the company?s valuation stood at $1.3 billion, TOI had reported.

NIIF had first joined the Bengaluru-based electric scooter manufacturer?s cap table, leading a $128 million round in a Series-E round alongside Hero MotoCorp, a significant shareholder, in May 2022.

Apart from its scooters, Ather Energy also offers electric vehicle charging stations as part of its Ather Grid network. As of December 2023, it had a total of 1,600 such stations. The company was founded by Tarun Mehta and Swapnil Jain in 2013.

Tiger Global-backed startup Ather Energy will be filing its draft prospectus for an initial public offering (IPO) in the first half of the coming week with a valuation target of $2.5 billion, as per sources in the know. The electric scooter maker was last valued at about $1.3 billion. The recently turned unicorn company has engaged investment banks HSBC, JPMorgan, Axis Capital, JM Financial and Nomura to manage the IPO, the sources added. A spokesperson for Ather Energy declined TOI?s request for comment on the news, first reported by The Economic Times. Ather, among the earliest players in lithium-ion battery-powered high-speed scooters in India, has been facing fierce competition from the likes of SoftBank-backed Ola Electric and TVS Motor. The development comes close on the heels of Ola Electric's IPO, which saw significant interest from its employees, retail and non-institutional investors. Also a Bengaluru-based company, it dominates sales of electric scooters in India, with 39% market share as of July. Its IPO was subscribed over four times in August, at a valuation of $4 billion. Also in August, Ather Energy entered India?s unicorn club with a Rs 600 crore from India's quasi-sovereign National Investment and Infrastructure Fund (NIIF). Post-funding, the company?s valuation stood at $1.3 billion, TOI had reported. NIIF had first joined the Bengaluru-based electric scooter manufacturer?s cap table, leading a $128 million round in a Series-E round alongside Hero MotoCorp, a significant shareholder, in May 2022. Apart from its scooters, Ather Energy also offers electric vehicle charging stations as part of its Ather Grid network. As of December 2023, it had a total of 1,600 such stations. The company was founded by Tarun Mehta and Swapnil Jain in 2013.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code