Ather picks HSBC, JPMorgan, Nomura, Indian banks for IPO: Report

Electric-scooter maker Ather Energy Pvt has picked HSBC Holdings Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. for its initial public offering (IPO), Bloomberg reported citing people in the know.

The Bengaluru-based company also selected local banks- JM Financial Ltd. and Axis Bank Ltd- for the first-time share sale, the report added.

Ather IPO is likely to take place as soon as the second half of the year in Mumbai although it depends on market conditions, the report claimed. More banks could also be added by the company. Ather has been selecting banks for a listing that could value it at about $2 billion, it was earlier reported.

Through the IPO, the company seeks to raise as much as $400 million in a share sale. The report did not give details of the size and value of the IPO.

Ather was founded in 2012 by Tarun Mehta and Swapnil Jain after graduating from the Indian Institute of Technology Madras. In 2022, the company raised about $128 million in a series E round, including from the National Investment and Infrastructure Fund Ltd. and existing shareholders such as two-wheeler maker Hero MotoCorp Ltd, it was reported.

Ather’s other backers are Flipkart co-founders Sachin Bansal and Binny Bansal and Tiger Global Management.