In the Ather Energy IPO, investors and promoters would offer 2.2 crore equity shares for sale in addition to a new issue of equity shares valued at ₹3,100 crore.
The Securities and Exchange Board of India (SEBI), which oversees capital markets, has given Ather Energy, a producer of electric two-wheelers, final authority to launch its initial public offering (IPO).On December 23, SEBI sent the observation letter to Ather Energy. According to SEBI, the public offering is approved when an observation letter is issued.
The Ather Energy IPO will consist of both a new issue of equity shares valued at ₹3,100 crore and an offer-for-sale of 2.2 crore equity shares by investors and promoters, as stated in the company's Draft Red Herring Prospectus (DRHP), which was submitted in September of this year.
With a 37.2% interest, Hero MotoCorp is Ather's largest shareholder and will not take part in the OFS. The OFS will be used to sell the shares of Tiger Global, Caladium Investments, National Investment and Infrastructure Fund (NIIF), Binny Bansal's 3 State Ventures, and cofounders Tarun Mehta and Swapnil Jain.
According to DRHP, Ather Energy also intends to raise ₹620 crore through a pre-IPO placement; if this is done, the money will be subtracted from the total size of the new offering.
After rival Ola Electric Mobility debuted on the stock market in August, the Bengaluru-based business will become the nation's second EV manufacturer to list on the exchanges.
Other initial public offerings
In addition to Ather Energy, five other firms' draft IPO documents were authorized by SEBI. These consist of Schloss Bangalore, Oswal Pumps, Fabtech Technologies, Ivalue Infosolutions, and Quality Power Electrical Equipments.
SEBI observation letters were sent to the DRHPs of Ivalue Infosolutions and Ather Energy on December 23 and to the Oswal Pumps on December 24.
The DRHPs for Schloss Bangalore and Quality Power Electrical Equipments and Fabtech Technologies were authorized on December 26 and 27, respectively.
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