Ather Energy, an Indian electric scooter manufacturer, has received regulatory approval for its Initial Public Offering (IPO). The IPO will consist of a fresh issue of shares worth ₹3,100 crore and an offer-for-sale of up to 2.2 crore shares by existing investors. Hero MotoCorp, a major stakeholder with a 37.2% share, will not sell any shares during the offering.
The funds from the IPO will be utilized for setting up a new manufacturing plant in Maharashtra, repaying debts, and enhancing research and development capabilities. This IPO marks Ather Energy as the second electric vehicle company in India to go public, following Ola Electric’s IPO.
Anyone here who owns an Ather?