Ather Energy Takes A Major Step Towards IPO

Ather Energy Nears IPO

Ather Energy moves closer to IPO as its board approves conversion to a public company during its recent annual general meeting.

Company Name Changes

The company's name changes from Ather Energy Pvt Ltd to Ather Energy Ltd, reflecting its new public status.

Increased Share Capital

Ather increases its authorised share capital to INR 50 Cr and plans to issue 2.96 bonus shares for every share held.

IPO Handlers Announced

HSBC, Nomura, and JP Morgan will handle Ather's IPO, aiming for a $2 Bn valuation in the second half of 2024.

Recent Fundraising

Ather recently raised INR 286 Cr through debt and equity from Stride Ventures and its cofounders.

Stake Increased

Hero MotoCorp increases its stake in Ather to 40%, acquiring 2.2% from Binny Bansal for INR 124 Cr.

Financial Performance

Ather's FY23 net loss surged to INR 864.5 Cr, while operating revenue grew 4.3X to INR 1,783.6 Cr YoY.

Exclusive: Ather Energy Converts Into A Public Entity As IPO Plans Gather Steam