Ather Energy Raises Rs 1,340 Crore From Anchor Investors Ahead Of IPO
Ather Energy Ltd. has raised Rs 1,340 crore from anchor investors ahead of its April 28-30 initial public offering, with domestic mutual funds picking up nearly 50% of the allocation.
A total of 4,17,45,576 shares were allocated to 36 anchor investors, which included the likes of SBI Mutual Fund, Abu Dhabi Investment Authority, Franklin Templeton, Morgan Stanley, Societe Generale and ICICI Prudential. Out of the total, 2,06,85,556 shares were allocated to seven domestic mutual funds through 14 schemes.
The allocation was done at the upper end of the price band at Rs 321 apiece.
The Ather Energy IPO will be open for retail subscription from April 28-30. The offer consists of a fresh issue of shares worth Rs 2,626 crore and an offer for sale of 11.05 crore shares. The price band has been set at Rs 304-321 per share to raise as much as Rs 2,980.7 crore. Investors can bid for a minimum of 46 shares and multiples thereof.
The Bengaluru-based EV maker aims to use the proceeds as capital expenditure (Rs 927.22 crore) towards its new facility in Maharashtra, debt repayments (Rs 40.03 crore), R&D (Rs 750 crore) and marketing (Rs 300 crore).
The company, which grew by a third in the nine months through Dec. 31 on higher sales, is yet unprofitable.
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