MUMBAI: Pureplay electric scooter maker Ather Energy has fixed Rs 304-321 as the price-band for its twice scaled down issue of Rs 2,981 crore, which includes a Rs 2,626 crore of fresh issue and a more than halved offer for sale of Rs 355 crore. The issue will open next Monday.
The price band of the offer has been fixed at Rs 304/equity of Re 1 face value in the lower end and at Rs 321 in the upper end, the company told reporters here on Wednesday.
This the largest IPO of the new fiscal and the second in the EV space after the larger rival Ola Electric’s issue last August.
The offers comprises a fresh issue of upto Rs 2,626 crore and an offer for sale of 11,051,746 shares by the selling shareholders comprising up to 9,80,000 by Tarun Sanjay Mehta, 9,80,000 shares by Swapnil Babanlal Jain (the selling promoter shareholders), 60,03,460 by Caladium Investment, 26,34,514 by National Investment and Infrastructure Fund II, 4,00,000 by Internet Fund III, 31,050 by IITM Incubation Cell, 4,191 equity shares by IITMS Rural Technology and Business Incubator and up to 18,531 shares by Amit Bhatia, the Ather Energy said.
This is the second downward revision of the issue size and valuation, which was earlier trimmed by 35% to $1.5 billion and it values the company under Rs 14,000 crore.
Initially the company planned to mop up Rs 4,500 crore from the issue which was then cut to around Rs 3,850 crore, including a Rs 3,100 crore fresh issue and an around Rs 750 crore in secondary sale by way of an offer for sale by cofounders and certain investors.
However, the largest shareholder Hero Motorcorp with over 37.2% will not be participating in the OFS.
The Hosur-based company was cofounded by IIT-Madras alumni Tarun Mehta (chief financial officer) and Swapnil Jain (chief technology officer) who hold 6.63% each in the company.
Singaporean sovereign fund GIC holds 15.04%, the India-Japan Fund owns 10.29%, the NIIF holds 6.6% and Tiger Global has 6.39%.