EV manufacturer major Ather Energy Board passed a resolution last week, during its annual general meeting, to convert the start-up into a public company from private.

The EV manufacturer has also increased share capital to ₹50 crore from ₹93.6 lakh, according to the RoC filing.

This comes at a time when Ather Energy has raised ₹286 crore through a mix of debt and equity from Stride Ventures and its co-founders. Stride Ventures invested nearly ₹200 crore via debentures; co-founder Tarun Mehta and Swapnil Jain infused ₹43.28 crore.

IPO plans

Ather Energy is said to be eyeing a listing in the second half of 2024 at a valuation of around $2 billion, according to a news report. The company has picked HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to help arrange its initial public offering, according to reports.

Recently, Hero MotoCorp acquired an additional 2.2 per cent stake in Ather Energy for ₹124 crore. With the funding, Hero MotoCorp, which was the largest shareholder in Ather Energy, now holds nearly 39 per cent of the firm’s total shareholding. The latest funding happened at an inferred valuation of ₹5,636 crore, a premium to the valuation of ₹4,666 crore at which Hero MotoCorp had invested ₹140 crore into the firm in December last year.

The company has also launched its family scooter range, ‘Rizta’. The firm, which has a total production capacity of 450,000 scooters per year, said it would expand production from the current 150,000 vehicles it makes per year after the Rizta hits the market.

Founded in 2013 by Tarun Mehta and Swapnil Jain, the company raised about $128 million in a Series E round in 2022, including from the National Investment and Infrastructure Fund Ltd. and existing shareholders such as two-wheeler maker Hero MotoCorp Ltd.

With over 2000 charging points across 200+ cities, Ather Energy currently operates across 215+ cities, including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, and Kolkata.