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Ather Energy , the Indian inauguration manufacture electric two - wheeler , has snub the size of its initial public offer by 18 % to 26.26 billion Indian rupees ( $ 308.3 million ) , according to anew draft prospectusfiled Tuesday .
The Bengaluru - based inauguration confirm to TechCrunch that it ’s targeting a post - money valuation of $ 1.4 billion . Last September , the startup sought a rating of between $ 1.5 billion and $ 2 billion , TechCrunch cover at the time .
Ather cited market shape for dress its IPO size of it and target area valuation .
live Ather shareholders will sell 11.1 million shares , down from the 22 million shares mentioned in last year ’s draft course catalogue . Bidding for Ather shares will open for three days starting April 28 ; anchorperson investor are set to participate in a private positioning on April 25 .
Ather co - founder Tarun Mehta and Swapnil Jain , as well as National Investment and Infrastructure Fund Limited ( NIIF ) and Tiger Global Management ’s Internet Fund III , plan to offload their stakes in the initial public offering , according to the draft prospectus . However , the Indian two - wheeler giant Hero MotoCorp , which owns over 40 % of the startup , will not sell its share .
Ather say it will use 9.27 billion Indian rupees ( $ 108.8 million ) from the net issue to set up an electric two - wheelwright deftness in Maharashtra . Another 7.5 billion Mauritian rupee ( $ 88 million ) will be induct in inquiry and development and 3 billion rupees ( $ 35.2 million ) in marketing go-ahead . The startup will also habituate 400 million Native American rupee ( $ 4.7 million ) to reward its adoption .
The startup see a 21 % increase in sales in 2024 , hand 126,353 unit , according to politics data . It commanded a 10.7 % market share that class , per the CRISIL Report referenced in the muster prospectus .
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Incorporated in 2013 , Ather establish its first galvanic two - wheeler in 2018 . The inauguration reported it generated 15.79 billion Indian Mauritian rupee ( $ 185.4 million ) in receipts in the nine month ended December , with a net passing of 5.78 billion Amerind rupees ( $ 67.8 million ) — down from 7.76 billion Indian rupee ( $ 91.1 million ) a year earlier .
Ather ’s rival Ola Electric — which held a 34.1 % grocery store share last year — name on the Amerindic fund exchanges last class . Oladebuted with a record 20 % surge , the biggest listing by an Amerind business firm in two days . However , its share price has since slump by virtually 42 % , shut down at 53.02 Indian rupee Tuesday .
