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    Home / News / Business News / EV-maker Ather Energy eyes $2.4B valuation for upcoming IPO
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    EV-maker Ather Energy eyes $2.4B valuation for upcoming IPO
    The valuation would be a massive 80% jump from its last funding round in August 2024

    EV-maker Ather Energy eyes $2.4B valuation for upcoming IPO

    By Mudit Dube
    Jan 13, 2025
    09:48 am

    What's the story

    Popular electric two-wheeler maker Ather Energy is preparing for its IPO. The company is likely to value itself at a whopping $2.4 billion in the upcoming event, reported The Economic Times.

    The valuation would be a massive 80%+ jump from its last funding round in August, when it became a unicorn with a $1.3 billion valuation after raising $71 million from existing investor National Investment and Infrastructure Fund (NIIF).

    IPO details

    Ather Energy's IPO journey and market strategy

    Ather Energy is gearing up to file its revised draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) later this month or by early February.

    The company's proposed $360 million offering, the second EV start-up IPO in India after Ola Electric, has already been approved by SEBI.

    Unlike many new-age businesses that went for cautious valuations during their listings last year, Ather Energy intends to price its shares at a premium.

    Investor impact

    Stakeholders and market performance

    The upcoming IPO will be a huge boon for Zerodha co-founder Nikhil Kamath, who owns a 5% stake in Ather Energy.

    His investment will cross $100 million, making it one of the fastest value gains in about six months. Kamath had bought the stake by purchasing shares from Flipkart co-founder Sachin Bansal last year.

    Hero MotoCorp, Ather's largest investor with a nearly 37% stake, won't sell any shares in the offer-for-sale (OFS) window and will be acknowledged as a co-promoter.

    Growth trajectory

    Ather Energy's market share and expansion plans

    Ather Energy has witnessed tremendous growth in its overall sales, especially in northern and western India.

    The company's market share jumped from nearly 6% last April to over 14% by the end of 2024, data from Vahan showed.

    In January, it had approximately 16% of the market share.

    This growth can be partly credited to successful launches such as Rizta, Ather's first family-segment scooter.

    Expansion plans

    Ather Energy's manufacturing and service expansion

    Ather Energy has partnered with Amara Raja, a battery and charging solutions company, for its new manufacturing unit in Aurangabad. The facility will be used to produce the Rizta model.

    Further, the company is also expanding its experience centers and charging grids while launching Gold Service centers for servicing.

    All these initiatives are part of Ather's strategy to strengthen its position in the EV market.

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