Ather energy to go public; plans to issue $369.4 million worth of share

The HeroMotocorp-backed Ather Energy, an Indian two-wheeler electric vehicle brand, has filed an IPO by announcing to issue shares worth Rs3100 crore ($369.4 million), according to the red herring prospectus draft submitted by the company.

The announcement came weeks after the Indian EV giant Ola went public. 

According to a report by the Economic Times, in the announced IPO, top shareholders and investors will sell up to 22 million shares.

The company has decided to go public to increase its capital expenditure by establishing a factory in Maharashtra and to further promote research and development, citing Ather ET reported.