Indian electric-scooter maker Ather Energy Pvt has picked HSBC Holdings Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. to help arrange its initial public offering, according to people familiar with the matter.

Also read: Broker’s call: Ather Energy (Buy)

The Bengaluru-based company has also selected local banks including JM Financial Ltd. and Axis Bank Ltd. for the first-time share sale, the people said, asking not to be identified because the matter is private. An IPO could take place as soon as the second half of the year in Mumbai, depending on market conditions, the people said, adding that more banks could be added. 

Representatives for the five banks, as well as Ather, declined to comment.  

Ather has been selecting banks for a listing that could value it at about $2 billion, Bloomberg News reported in February. The company could seek to raise as much as $400 million in a share sale, though details such as the size and value could change, people familiar with the situation have said.

Tarun Mehta and Swapnil Jain founded Ather in 2013 after graduating from the Indian Institute of Technology Madras. 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. 

Other backers include Flipkart co-founders Sachin Bansal and Binny Bansal, as well as Tiger Global Management.

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