Crime Today News
Ather Energy mulls going public at a valuation of $1.2 billion, persons in the know informed Bloomberg. The Hero MotoCorp-backed EV scooter company, which had an earlier target of a $2 billion valuation, could aim to dispose of shares by March end or early April, persons in the know told Bloomberg on condition of anonymity, as the discussions are private.
A share sale could help Ather raise around $400 million, sources informed the newswire. Talks are ongoing, and contours of the deliberations such as the size, valuation and timing are subject to change.
An Ather spokersperson refrained from offering comments. The offering will consist of primary and secondary shares, with founders Tarun Mehta and Swapnil Jain offloading stakes. Current investors such as the National Investment and Infrastructure Fund, and Tiger Global Management’s Internet Fund III will also be disposing of their stakes, the newswire noted, citing IPO documents. Ather’s biggest shareholder Hero MotoCorp, with a stake of more than 37%, will not participate in the share sale.
The IPO comes amid cooling demand for electric scooters in the country, with two-wheeler sales declining 8% in February from a year earlier, to 76,086 units, as per FADA data.
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