Ather Energy, the Indian start -up that manufactures Electric Twokelers, has reduced the size of its original public offering by 18% to 26.26 billion Indian rupees ($ 308.3 million), according to one New newsletter plan Posted on Tuesday.
Bengaluru -based starting has confirmed to TechCrunch that it aims to valuation after $ 1.4 billion. Last September, the start demanded an assessment of between $ 1.5 billion and $ 2 billion, TechCrunch said at the time.
Ather mentioned market conditions to cut IPO size and target valuation.
Ather’s existing shareholders will sell 11.1 million shares, out of the 22 million shares mentioned in last year’s newsletter plan. Submission of shares will be opened for three days from April 28. Anchor investors are going to participate in a private position on April 25.
Co -founders of Ather Tarun Mehta and Swapnil Jain, as well as the National Investment and Infrastructure Fund Limited (NIIF) and Tiger Global Management’s Internet III Fund, plan to unload their bets on the IPO, according to the Plan for the newsletter. However, India’s Indian Motocorp hero, who holds more than 40% of the start, will not sell its shares.
Ather said he would use 9.27 billion Indian rupees ($ 108.8 million) from net revenue to create a two -vehicle electricity unit in Maharashtra. Another 7.5 billion rupees ($ 88 million) will be invested in research and growth and 3 billion rupees ($ 35.2 million) in marketing initiatives. The start will also use 400 million Indian rupees ($ 4.7 million) to pay off his loans.
The starting 21% increase in sales in 2024, reaching 126,353 points, according to government data. It ordered a market share of 10.7% of that year, according to the CRISIL report listed in the newsletter plan.
It was incorporated in 2013, Ather began his first electric two -wheeler in 2018.
Ather’s Ola Electric opponent – who held 34.1% market last year – introduced by the Indian stock market last year. Ola debuted with a 20% record, the biggest list of an Indian business in two years. However, its stock price has fallen by nearly 42%, closing to 53.02 Indian rupees on Tuesday.
