NIIF-backed EV maker Ather Energy files for $370 mn IPO

Indian electric two wheeler-maker Ather Energy has filed for an IPO consisting of a fresh issue of shares worth 31 billion rupees ($369.4 million), it said in a draft filing on Monday.

Backed by Indian bike-maker Hero MotoCorp, Ather makes electric scooters and competes with recently-listed Ola Electric.

Investors and some top shareholders will sell up to 22 million shares in the IPO.

Proceeds will be used for capital expenditure to establish an electric two-wheeler factory in India's Maharashtra state, and for research and development, Ather said.

The book-running lead managers for the issue include Axis Capital and JM Financial.