Ola Electric’s rival Ather Energy gets approval from SEBI to launch IPO

Ather Energy, one of many large electrical two-wheeler firms, has acquired the inexperienced sign from market regulator SEBI to launch an Initial Public Offer (IPO). The firm plans to elevate round Rs 3,100 crore by means of inventory market itemizing. This will embrace issuance of latest fairness shares in addition to offer-for-sale of roughly 2.2 crore fairness shares by promoters and traders.

The nation’s largest two-wheeler maker Hero MotoCorp holds about 37.2 % stake in Ather Energy. However, Hero MotoCorp is not going to take part within the offer-for-sale. Ola Electric has the most important share available in the market of electrical two-wheelers. Rivals of this firm embrace Ather Energy.

Recently Ola Electric had raised greater than $73 crore by means of IPO. The firm’s shares had been listed at greater than double the IPO value. However, since then the share of Ola Electric has fallen considerably. Ather Energy has stated that it’ll use the funds obtained from the IPO to arrange a manufacturing facility for electrical two-wheelers in Maharashtra and for analysis and growth. Recently the corporate began its enterprise in Sri Lanka. The firm has tied up with Evolution Auto for enterprise in Sri Lanka.

Ather Energy additionally plans to launch a quick charging community. Since opening its first worldwide outlet in Nepal final yr, the corporate has began three expertise facilities and 7 quick charging grids there. The firm has greater than 200 expertise facilities within the nation. At the top of final yr, Ather Energy had achieved the determine of producing two lakh electrical scooters. The firm’s manufacturing facility is in Hosur, Tamil Nadu. Ather Energy’s 4 electrical scooters are 450S, 450X, 450 Apex and Rizta. Just a few months in the past the corporate launched the household scooter Rizta. It has an extended and wider seat than different electrical scooters. Greaves Electric Mobility, maker of Ampere electrical scooter, has additionally just lately filed paperwork for an IPO. Greaves Electric Mobility plans to elevate round Rs 10 billion by means of a inventory market itemizing. In this, the corporate’s largest shareholder Greaves Cotton may also promote a lot of shares.