Indian e-scooter maker Ather converts shares ahead of IPO

Ather Energy, an electric two-wheeler manufacturer, has converted 173,000 compulsory convertible preference shares (CCPS) into 240 million fully paid equity shares.

The company’s board approved this conversion on Mar. 8.

The new equity shares, which have a face value of 1 rupees (US$0.0115) each, will rank equally with existing shares.

Current shareholders, including Hero MotoCorp Limited, Internet Fund III, Caladium Investment Pte Ltd, and Innoven Capital India Fund, will receive these shares.

Ather Energy received approval for its draft red herring prospectus (DRHP) earlier this year.

It is expected to launch its IPO by April 2025, aiming for a valuation of around US$2.5 billion.

Recent Ather Energy developments

Timeline
01-Mar-2025 ⚡ India’s EV market grows 29% in 2024, Tata leads car market EV registrations in India hit 2M in 2024. E-car sales doubled, Tata leads the segment.
18-Feb-2025 ⚡ Indian cleantech startup secures $2m pre-seed funding The Energy Company raises US$2M in funding. Funds to boost EV adoption and battery solutions.
13-Jan-2025 ⚡ Indian e-scooter maker Ather Energy seeks $2.4b IPO Ather Energy targets $2.2-$2.4B IPO valuation Plans to file updated DRHP by late January
07-Jan-2025 💼 Flipkart co-founder said to sell Ola stake Sachin Bansal plans to sell Ola stake for $4B. Focus on fintech venture Navi after Ather exit.
05-Sep-2023 ⚡ In 50 Words: Hero MotoCorp to invest up to $66.5m in India-based EV firm Hero MotoCorp invests $66.5M in Ather Energy Boosts stake amid subsidy cuts for EV makers
13-May-2022 ⚡ Indian e-scooter maker rides to $128m raise Ather Energy raises $128M in Series E funding Plans to expand to 150 experience centers by next year