" "

Ather Energy picks JPMorgan, Nomura, HSBC, Indian banks for its $2 billion IPO: Report

Jaya Vishwakarma
New Update
Ather Energy

Indian electric-scooter manufacturer Ather Energy has reportedly selected global banking powerhouses HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to spearhead its upcoming initial public offering (IPO). 

According to a Bloomberg report, the Ola Electric rival has also brought on board Indian financial institutions JM Financial Ltd and Axis Bank Ltd to navigate through its market debut, aiming for a valuation of around $2 billion.

Timing and market conditions

The anticipated IPO is slated for the latter half of 2024, with Mumbai as the chosen venue. However, the timeline hinges on prevailing market conditions. The possibility of expanding the banking team further suggests that Ather is keeping its options open to adapt to the dynamic market landscape.


Notably, Ola Electric last year filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).  According to DRHP, The startup aims to raise Rs 5,500 crore through an initial public offering (IPO). The development is a significant step for the company as it seeks to expand its market presence and capabilities.

How much will Ather raise?

The report said Ather Energy plans to raise $400 million from the share sale, although specifics regarding the IPO's size and valuation remain fluid. Founded by Tarun Mehta and Swapnil Jain, alumni of the Indian Institute of Technology Madras, in 2013, Ather Energy has emerged one of the leading premium electric scooter provider.

Ather Energy investors 

Last year, the startup raised Rs 900 crore via a rights issue from its existing investor, Hero MotoCorp, and Singapore-based GIC. It also has backing from Herald Ventures, InnoVen Capital, NIIF, HeroMotoCorp, and Flipkart co-founder Sachin Bansal.