When Ather Energy hits the public markets on April 28, it will mark a milestone not just for the company, but also for one of India’s premier institutes—IIT Madras. The institute, which stands to gain around Rs 50 crore from the IPO, was one of the early backers of the electric scooter startup.
In its early days, Ather Energy agreed to allot 5% of its paid-up share capital to the IIT Madras Incubation Cell and the IITM Rural Technology and Business Incubator (RTBI) in exchange for support that included office space, mentorship, and other resources. Both entities are located on the IIT Madras campus and often collaborate on startup investments.
According to the RHP, IIT Madras, through its two incubation cells, holds a cumulative stake of 15.58 lakh shares. At the upper price band of Rs 321 per share, the institute is set to make a profit of approximately Rs 50 crore.
Under the OFS, IIT Madras will partially liquidate its holdings. The IITM Incubation Cell plans to sell around 31,050 shares, while IITMS RTBI will offload 4,191 shares.
It’s not just IIT Madras cashing in—several early backers of Ather are also set to reap significant returns. For instance, Tiger Global, which invested in the company in 2015, is poised to earn a windfall of 8.3 times its investment. Through its arm Internet Fund Pte, Tiger Global will book partial profits by selling about 4 lakh shares in the OFS.
Singapore-based sovereign wealth fund GIC, through Caladium Investment, and the National Investment and Infrastructure Fund (NIIF)—both of which invested in Ather in 2022—are expected to clock returns of 1.6x and 1.7x, respectively.
Ather Energy's IPO is among the most high-profile offerings slated for this year. The company aims to raise around Rs 3,000 crore through the issue.
Alongside rival Ola Electric, Ather is a pioneer in India’s electric two-wheeler market. It offers electric scooters and a complete ecosystem of supporting products, including software, charging infrastructure, and smart accessories.
Ather has introduced several industry-first features in the electric two-wheeler segment, such as a touchscreen dashboard with navigation, internet connectivity via 3G SIM, an aluminum chassis, fast charging, and guide-me-home lights.
Its current E2W portfolio includes two product lines—the Ather 450 series, catering to performance-focused users, and the Ather Rizta series, targeted at families seeking convenient urban mobility solutions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
In its early days, Ather Energy agreed to allot 5% of its paid-up share capital to the IIT Madras Incubation Cell and the IITM Rural Technology and Business Incubator (RTBI) in exchange for support that included office space, mentorship, and other resources. Both entities are located on the IIT Madras campus and often collaborate on startup investments.
According to the RHP, IIT Madras, through its two incubation cells, holds a cumulative stake of 15.58 lakh shares. At the upper price band of Rs 321 per share, the institute is set to make a profit of approximately Rs 50 crore.
Under the OFS, IIT Madras will partially liquidate its holdings. The IITM Incubation Cell plans to sell around 31,050 shares, while IITMS RTBI will offload 4,191 shares.
It’s not just IIT Madras cashing in—several early backers of Ather are also set to reap significant returns. For instance, Tiger Global, which invested in the company in 2015, is poised to earn a windfall of 8.3 times its investment. Through its arm Internet Fund Pte, Tiger Global will book partial profits by selling about 4 lakh shares in the OFS.
Singapore-based sovereign wealth fund GIC, through Caladium Investment, and the National Investment and Infrastructure Fund (NIIF)—both of which invested in Ather in 2022—are expected to clock returns of 1.6x and 1.7x, respectively.
Ather Energy's IPO is among the most high-profile offerings slated for this year. The company aims to raise around Rs 3,000 crore through the issue.
Alongside rival Ola Electric, Ather is a pioneer in India’s electric two-wheeler market. It offers electric scooters and a complete ecosystem of supporting products, including software, charging infrastructure, and smart accessories.
Ather has introduced several industry-first features in the electric two-wheeler segment, such as a touchscreen dashboard with navigation, internet connectivity via 3G SIM, an aluminum chassis, fast charging, and guide-me-home lights.
Its current E2W portfolio includes two product lines—the Ather 450 series, catering to performance-focused users, and the Ather Rizta series, targeted at families seeking convenient urban mobility solutions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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