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Amerindic electric scooter maker Ather Energy plans to raise about $ 530 million in its initial public offer , according to itsdraft course catalog filed on Monday(PDF ) , as the startup look for to capitalise on growing demand for galvanic vehicle in the world ’s third - largest machine market .
The Bengaluru - ground startup , which competes withrecently listed rival Ola Electric , is targeting a valuation of $ 1.5 billion to $ 2 billion , citizenry familiar with the issue told TechCrunch . The company say it will sell new shares worth $ 370 million in the initial offering as well as up to 22 million shares from existing investors .
Ather Energy slump to comment .
The inauguration said it will use the proceeds to fund a newfangled manufacturing facility in the State Department of Maharashtra , reward borrowings and for inquiry and development .
Ather ’s initial public offering program come as India ’s electric fomite market heats up , driven by government incentives and rising fuel prices . The land get to have 30 % of secret auto and 70 % of commercial vehicles running on electricity by 2030 .
plump for by India ’s Hero MotoCorpand sovereign wealthiness fund National Investment and Infrastructure Fund , Ather Energy commanded about 19 % of the galvanic two - bicyclist market as of late August , according to government datum .
The startup faces blotto challenger from well - funded startup and prove car maker rushing to grab a slash of India ’s quickly maturate electric two - wheeler grocery . Ola Electric lead with a 31 % share of the market , whereas TVS Motor and Bajaj Auto throw 20 % and 19 % , respectively . Hero has about 5 % market share .
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Incumbent automakers are ramping up their efforts to increase their presence in India ’s EV market , and they ’re seeing good result , too . Bajaj Auto ’s market share fend at 11 % at the end of June this twelvemonth , for example .
institute in 2013 by Tarun Mehta and Swapnil Jain , Ather is have it off for its in - home design approach — 80 % of its key components are design internally . The company has raised about $ 500 million across several rounds , according to Tracxn , and it reported a loss of $ 126 million on revenue of $ 213 million in the fiscal year terminate March .
Axis Capital , HSBC , JM Financial and Nomura are the lead account book - moon curser for Ather ’s IPO .
