Bengaluru-based Ather Energy is charging into the public market with an INR 29.81 billion initial public offering (IPO), marking a pivotal moment in the evolution of India’s electric mobility space. The IPO, which opens for public bidding on April 28 and closes on April 30, reflects growing confidence in India’s electric vehicle (EV) market, even as global trade dynamics remain uncertain.
Priced between INR 304 and INR 321 per equity share, Ather’s offering consists of a fresh issue worth INR 26.26 billion and an Offer for Sale (OFS) of approximately INR 3.55 billion. Early stakeholders offloading shares include co-founders Tarun Mehta and Swapnil Jain, as well as prominent institutional investors such as Caladium Investment, National Investment and Infrastructure Fund II and Hero MotoCorp-backed venture arms.

A Strategic Leap 
Founded in 2013, Ather Energy has built a reputation for innovation and quality in the Indian two-wheeler segment. Best known for its flagship 450X electric scooter and the recently launched family-oriented Rizta, Ather has maintained a premium positioning in a price-sensitive market, a feat achieved through a blend of robust design, cutting-edge tech and consistent consumer engagement.
Now, as the company seeks to raise capital for the next leg of its journey, the strategic intent behind the IPO is clear. Proceeds from the fresh issue will be used to ramp up manufacturing capacity, enhance the product portfolio, pare down debt and invest in corporate infrastructure. This expansion is crucial for Ather to retain its competitive edge against deep-pocketed rivals, including legacy automakers and well-funded start-ups.

Driving Growth
At a recent press conference, Chief Executive Officer Tarun Mehta struck an optimistic note on the state of India’s EV ecosystem. “While the entire tariff situation is open, in our opinion, the Indian consumer story, specifically the EV adoption story, remains unchallenged because it’s driven by very secular truths,” he said.
Mehta highlighted three primary factors underpinning the surge in electric two-wheeler adoption including a significantly lower total cost of ownership, greater ease of use and long-term structural shifts favouring clean mobility. These drivers provide insulation against short-term geopolitical disruptions and policy volatility.
That confidence appears to be resonating with both retail and institutional investors with many market watchers calling the IPO a barometer of the Indian EV market’s maturity.

IPO Mechanics and Market Positioning
The offering is being made under Regulation 6(2) of the SEBI ICDR Regulations via a 100 percent book-building process with shares set to list on both the BSE and the NSE. Anchor investor bidding opens on April 25, ahead of the general subscription window.
 

Comments (0)

ADD COMMENT

Link Copied!

Pune-headquartered electric vehicle manufacturer EKA Mobility has received the Letter of Award (LOA) for deploying 750 e-buses across 11 cities in Andhra Pradesh. The company has joined forces with GreenCell Mobility, a leading electric bus mass mobility solution provider, to execute this order.

As per the understanding, the partners will deploy 129 units of 9-metre and 621 units of 12-metre electric buses across eleven cities – Amravati, Anantapur, Kadapa, Kakinada, Kurnool, Rajahmundry, Nellore, Guntur, Vijayawada, Vishakhapatnam and Tirupati.

This award comes after CESL’s issuance of the Letter of Confirmation of Quantity (LOCQ) and Rajasthan’s LOA for 675 electric buses announced last week, marking a major milestone in India’s e-mobility journey.

Dr Sudhir Mehta, Founder & Chairman, EKA Mobility & Pinnacle Industries, said, “We are proud to partner with the government of Andhra Pradesh and collaborate with GreenCell Mobility to deliver green, smart, and efficient transportation solutions for the people of the state. This partnership marks a significant step toward building smarter, more sustainable cities across India.”

Devndra Chawla, MD & CEO, GreenCell Mobility, added, "We are honoured to join hands with the government of Andhra Pradesh to support the state’s transition to sustainable public transport. This project is a major milestone in our mission to transform mass mobility through zero-emission electric buses. Together, we are enabling cleaner cities, generating green jobs, and building a more sustainable future for millions."

Also read: GreenCell mobility to deploy over 1,200 e-buses from CESL under Pm E-Bus Sewa Scheme

Comments (0)

ADD COMMENT

Link Copied!

Kinetic Engineering, a leading automotive supplier, has granted brand license to its subsidiary, Kinetic Watts and Volts, for using the Kinetic brand to enter the electric vehicle space.

Founded on 27 September 2022, Kinetic Watts and Volts is said finalising its EV product lineup, rollout strategy, partnerships and market entry plans.

Till date, Kinetic Engineering and other promoters have invested INR 428 million in the subsidiary with an additional INR 290 million to be infused soon, which takes the total investment to INR 718 million. This investment will give KEL an 80 percent stake in the subsidiary.

At present, Kinetic Engineering manufactures and supplies EV components, including gearboxes, axles and chassis. More recently, the Kinetic Group entered battery manufacturing through its ‘Range X’ brand, further expanding its offerings for the EV segment.

Under the agreement, Kinetic Watts and Volts will get non-exclusive rights to use the Kinetic brand and trademarks for its EV business for an initial three-year term.

Ajinkya Firodia, Vice-Chairman & Managing Director, Kinetic Engineering, said, “For over five decades, Kinetic has symbolised innovation and trust. As we embrace the electric era, we’re thrilled to see Kinetic Watts and Volts carry this legacy forward. This license is more than a business deal – it’s entrusting a storied heritage to a team dedicated to shaping mobility’s future. By blending our iconic brand with advanced electric technology, Kinetic Watts and Volts will deliver products that resonate with Indian consumers and set new EV benchmarks.”

At the end of the three-year term, Kinetic Engineering and Kinetic Watts and Volts will reassess the licensing terms to align with the group’s long-term goals, market trends and potential expansion into new categories or global markets.

Comments (0)

ADD COMMENT

Link Copied!

Himadri Speciality Chemical, a leading supplier of speciality chemicals and new energy materials, has inked an exclusive technology licensing partnership with Australian battery materials company Sicona.

It may be recollected that it was in June 2023, Sicona had raised AUD 22 million in Series A funding led by Himadri Speciality Chemical.

As per the understanding, Himadri will access, localise and commercialise Sicona’s proprietary Silicon-Carbon (SiCx) anode technology in India for lithium-ion battery tech.

SiCx is claimed to be a transformational product that can seamlessly integrated into existing lithium-ion battery anode formulations, offering a scalable and commercially viable path to significantly improved battery performance.

Under the partnership, Sicona will provide complete technical support, including access to its proprietary know-how, engineering expertise, qualification protocols and quality systems for the establishment of SiCx production plant. Himadri on its part will bring its experience in scaling high-precision chemical and material operations to drive localisation and commercialisation of the technology.

Unlike conventional anode materials, Sicona’s SiCx material, when used in conjunction with traditional graphite (typically in proportions of 5–20 percent) will significantly enhance energy density (around 20 percent) and charging performance (about 40 percent). This simply put means that EV’s using the SiCx battery tech will have higher range and faster charging speed.

Anurag Choudhary, Chairman, Managing Director & CEO, Himadri Speciality Chemical, said, “This partnership marks a turning point in the world’s advanced battery materials journey. Sicona’s SiCx technology, when used alongside graphite, delivers two core advantages – higher energy density for longer driving range and faster charging capability that dramatically reduces wait time for EV users. By integrating Sicona’s technological might with Himadri’s proven operational excellence, global scale and strategic intent, we are creating a blueprint for innovation-led clean energy leadership. This partnership not only enables India to meet domestic EV and energy storage demands, but also makes us an exporter of next-generation battery materials to the world.”

Christiaan Jordaan, CEO & Co-Founder, Sicona, said, “This partnership marks a transformative moment for Sicona and our SiCx technology. It enables us to commercialise our breakthrough technology at an unprecedented speed and scale. Himadri’s world-class manufacturing capabilities and global presence make them the ideal partner for this journey. We are deeply grateful for their unwavering support to our team, our technology, and our mission.”

Comments (0)

ADD COMMENT

Link Copied!

Revolt Motors, a leading electric motorcycle brand, has achieved the ISO 9001:2015 certification for quality management systems.

This milestone places Revolt Motors among a select group of electric vehicle (EV) manufacturers that meet stringent international benchmarks across product design, manufacturing, supply chain management and customer service.

Anjali Rattan Nashier, Chairperson of RattanIndia Enterprises, said, “This certification is a proud moment for all of us at Revolt. It is a reflection of our tireless pursuit of quality, innovation and operational excellence. As we expand to new geographies and strengthen our position in the EV segment, this global certification reinforces the trust our customers and partners place in us.”

The ISO 9001:2015 certification highlights Revolt’s structured approach to quality, encompassing product development, manufacturing controls, continuous process improvement and a customer-centric delivery model.

Comments (0)

ADD COMMENT

Link Copied!