Ather Energy, an electric two-wheeler manufacturer, is aiming for a valuation of US$2.2 to US$2.4 billion in its upcoming initial public offering (IPO).

This represents an 80% increase from its valuation of US$1.3 billion in August 2024, when the company reached unicorn status.

The Bengaluru-based company plans to file an updated draft red herring prospectus (DRHP) by late January or early February.

This follows the Securities and Exchange Board of India (SEBI) requesting final clarifications. SEBI has already approved Ather’s IPO proposal worth Rs 3,100 crore (US$360 million).

This marks it as India’s second electric vehicle startup IPO after Ola Electric.