Bengaluru-based Ather Energy filed its draft red herring prospectus (DRHP) on Monday which includes a fresh issue of equity shares worth up to Rs 3,100 crore.
The filing comes almost a month after its competitor Bhavish Aggarwal-led Ola Electric went public.
According to the DRHP, the offer for sale size is up to 22 million shares and will see promoters and co-founders Tarun Sanjay Mehta and Swapnil Jain each offloading about 1 million equity shares in the IPO.
Axis Capital, HSBC Securities and Capital Markets, JM Financial and Nomura Financial Advisory and Securities are the lead bookrunning managers for the IPO.
The company entered unicorn status in August after raising $71 million in funding from existing investor National Investment Infrastructure Fund in a new funding round.
Hero MotoCorp, a key investor in the company, increased its stake in the startup in June by purchasing an additional 2.2% stake for Rs 124 crore. The two-wheeler giant currently holds around 39.7% stake in the company
The company is also preparing to enter the Sri Lankan market through a joint venture between Sensex Capital Partners, Atman Group and Sino Lanka Private Limited.
(Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric.)
