On Monday, electric two-wheeler manufacturer Ather Energy submitted its draft red herring prospectus (DRHP) to the Security Exchange Board of India (SEBI) in preparation for an IPO. 

Ather will be the second manufacturer of two-wheel electric vehicles to go public on the stock market. Ola Electric opened up to the world last month. 

The firm has proposed to raise supports through a new issue of value shares conglomerating up to 3, 100 crore (roughly $370 million) and a proposal available to be purchased (OFS) of up to 2.2 crore value shares, as per the DRHP. 

GIC Ventures through its subsidiary Caladium Investment will strip 47.8% of the complete proposal available to be purchased (OFS) while Tiger Global and 3 States Ventures will offload 18.1% and 2.18% of the proposal available to be purchased. 

Ten lakh shares will be offered by Swapnil Jain and Tarun Mehta as well. The new issue and OFS will be dispensed at a presumptive worth of 1 while the organization will conclude the value band and least parcel band in conference with the book-running lead supervisors not long from now. 

As indicated by the DRHP, Legend MotoCorp is the biggest outer investor with 37.2% followed by GIC (Caladium Investment) and NIIF which hold 15.04% and 10.29% individually. 

Be that as it may, Legend MotoCorp will pass on the OFS, which is a piece astounding for the spectators. Its fellow benefactors Tarun Sanjay Mehta and Swapnil Babanlal Jain in total hold 13.26% of the organization. The issue's book-running lead managers are Nomura Financial, Axis Capital, HSBC Securities, and JM Financial. The DRHP added that the company will spend the proceeds from the new share issue on capital expenditures, such as the establishment of their E2W factory, repayment of borrowing, R&D, and marketing expenses. 

Ather as of late turned unicorn after $71 million in financing from existing financial backer Public Venture and Framework Asset. After Ola Electric, backed by Softbank, the Bengaluru-based company became the second unicorn in the electric vehicle industry. Ather has raised more than $500 million out of which $125 million came over the most recent three months for the Mehta-drove organization. The company also shared its Q1 FY25 numbers, which showed a revenue of Rs 339 crore and a net loss of 183 crore for the same time period. In FY24, the firm revealed an unobtrusive decrease in its income which remained at Rs 1754 crore. 

In FY24, Ather's customer base grew by 34% to 1, 14,000. According to the DRHP, the business gained 270 percent more customers in FY23. Strikingly, during the past financial (FY24), Ather imported 28% of the unrefined components from China where the figures remained at 10% in FY23. Ather contender Ola Electric posted Rs 1,644 crore in income in Q1 FY25, denoting its total deficit somewhere near 17%. 

As of Q1 FY25, Ather held a 9% market share of two-wheeler EVs, while Ola held the top spot with 49%.