Domestic electric-scooter maker Ather Energy is reported to have picked HSBC, Nomura and JP Morgan to help it for its initial public offering (IPO). News agency Bloomberg has said, citing sources familiar to the matter. The electric vehicle manufacturer has also selected two domestic players- Axis Bank and JM Financial- for its primary offering, said the report.
According to the sources, cited by Bloomberg, the company may launch its initial offering in the second half of the current fiscal and more lead managers for the issue can be added to the list. However, the launch of an IPO will depend upon the market conditions.
Representatives from the reported managers and Ather have remained tight lipped on the matter. Ather is looking for a valuation of about $2 billion or more than Rs 16,000 crore. The company may raise $400 million or about Rs 3,300 crore through its initial stake sale. However, issues and valuations may change when things materialize on papers, said the sources.
IIT Madras alumni Tarun Mehta and Swapnil Jain founded Ather in 2013. The company raised about $128 million in its series-E round from investors which included the National Investment Infrastructure Fund. The company has two-wheeler major Hero MotoCorp Ltd as its existing shareholder. Other backers of Ather include Flipkart’s co-founder Sachin Bansal and Binny Bansal.
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