Ather Energy files for IPO

This comes a month after Ola electric also filed for IPO.

Ola electric's competitor, Ather Energy on Monday filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs 3,100 crore and an Offer For Sale (OFS) of 2.2 crore equity shares by promoters and investors shareholders, according to the Draft Red Herring Prospectus (DRHP).

According to reports, proceeds from the fresh issue will be used for capital expenditure to establish an electric two-wheeler factory in Maharashtra, investment in research and development, marketing initiatives, repayment of loan and for general corporate purposes. Ola Electric Mobility floated its Rs 6,145-crore IPO earlier in August.

Ola Electric's IPO had a fresh issue of up to Rs 5,500 crore and an OFS of up to 8,49,41,997 equity shares.