Ather IPO: EV maker chooses HSBC, JPMorgan, Nomura, Indian Banks for IPO, aiming for mid-year launch, say sources

Ather IPO: Indian electric-scooter maker Ather Energy Pvt has chosen HSBC Holdings Plc, Nomura Holdings Inc and JPMorgan Chase & Co to look after its initial public offering (IPO) process on March 5, according to a report by Bloomberg. 

Ather, based in Bengaluru, had reportedly chosen local banks, including JM Financial Ltd and Axis Bank Ltd, for its first-time share sale, as per sources who requested anonymity due to the confidential nature of the matter.  An IPO could take place as early as the second half of 2024 in Mumbai, depending on market conditions, with the possibility that more banks could be added, as per the report. 

Representatives for the five banks, as well as Ather, declined to comment.  

Ather has been choosing banks for a listing that could value it at about $2 billion, Bloomberg News reported in February. The company could seek to raise as much as $400 million in a share sale, though details such as the size and value could change, people familiar with the situation have said.

Tarun Mehta and Swapnil Jain founded Ather in 2013 after graduating from the Indian Institute of Technology, Madras.The company raised about $128 million in a Series E round in 2022, including from the National Investment and Infrastructure Fund Ltd and existing shareholders such as two-wheeler maker Hero MotoCorp Ltd. 

Other backers include Flipkart co-founders Sachin Bansal and Binny Bansal and Tiger Global Management.