News Summary

Ather Energy, an Indian startup focused on manufacturing electric two-wheelers, has cut the size of its initial public offering (IPO) by 18%, aiming to raise 26.26 billion Indian rupees ($308.3 million) with a post-money valuation of $1.4 billion. This decision comes as a response to fluctuating market conditions. The Bengaluru-based company plans to use the proceeds to establish a new facility in Maharashtra, invest in research and development, and repay borrowings. The IPO bidding will commence on April 28, with anchor investors participating from April 25. Major shareholders, including co-founders Tarun Mehta and Swapnil Jain, are set to offload their stakes, while Hero MotoCorp retains its shares. Ather Energy, incorporated in 2013, saw a 21% sales increase in 2024, achieving a 10.7% market share.