Ather Energy, a domestic electric two-wheeler manufacturer, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) for an upcoming initial public offering (IPO). The IPO will include a fresh share issuance valued at ₹3,100 crore, according to the official document.
Additionally, the offering includes an offer for sale of up to 22 million shares by the company’s investors and promoters.
Ather Energy plans to allocate around ₹927.2 crore of the net proceeds towards the establishment of an electric two-wheeler manufacturing plant in Maharashtra and funding research and development initiatives.
Around ₹927.2 crore from the proceeds will be allocated towards capital expenditure for the development of Phase I of Factory 3.0 in Chhatrapati Sambhajinagar (previously known as Aurangabad), Maharashtra. The total project cost is based on third-party quotations, with no independent evaluation by any bank or financial institution,” the company stated.
