Electric vehicle startup Ather Energy is reportedly eyeing for $2.4 Bn valuation, a premium of 80% for its upcoming IPO
Ather will send its final clarifications to the markets regulator SEBI, and will file its updated DRHP by the end of January or the early weeks of the following month
This development comes weeks after SEBI gave the green light to Ather’s plans to go public
Electric vehicle startup Ather Energy
is reportedly eyeing for $2.4 Bn valuation for its upcoming initial public offering (IPO) this year.
As per ET’s report, citing sources, the new valuation is a premium of over 80% from its last round of funding.
Inc42 has reached out to the cofounder and chief executive of Ather Energy for comments on the development. The story will be updated based on the response.
The report further said that the startup will send its final clarifications to the markets regulator Securities and Exchange Board of India (SEBI), and will file its updated draft red herring prospectus (DRHP) by the end of January or the early weeks of the following month.
As per its initial DRHP filed in September, Ather planned to use INR 750 Cr, or 25% of the fresh issue portion of the INR 3,100 Cr IPO, for research and development (R&D). Also, a sum of INR 927 Cr will be allocated for setting up a new plant in Maharashtra.
Reports then suggested that the emobility unicorn was eyeing a valuation of around $2.5 Bn for its IPO.
To note, this development comes weeks after SEBI gave the green light to Ather’s plans to go public. As per SEBI website, Ather received the observation letter from the markets regulator on December 23.
Founded in 2013 by Mehta and Swapnil Jain, Ather Energy manufactures electric two-wheelers and battery packs and also has its own charging infrastructure. After building its market on its 450 series of ebikes, the company recently launched a family escooter series Rizta and forayed into the smart helmet category.
The EV giant entered the unicorn club after it raised INR 600 Cr from its existing investor NIIF at a post-money valuation of $1.3 Bn, in August 2024.
On the other hand, Ather Energy saw a decline of about 19% in its vehicle registrations to 10,429 units last month from 12,909 units in November, hurt by the slowdown in the units sold in the wider EV market.
