Participants in the anchor round include State Bank of India, Custody Bank of Japan, Aditya Birla Sun Life Insurance, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale, among others.
The IPO, which will close on April 30, has a price band of Rs 304-Rs 321 per share.
SBI Mutual Fund emerged as the largest investor in the anchor round, contributing Rs 310 crore—around 23.1% of the total anchor book.
Ather is set to become the second pure-play E2W company to list on the Indian stock exchanges, following Ola Electric. The IPO is also expected to deliver significant gains to early investors and promoters.
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According to the red herring prospectus (RHP), Tiger Global is set to earn a return multiple of 8.3x on its investment. Singapore’s sovereign wealth fund GIC and the National Investment and Infrastructure Fund (NIIF) are expected to clock multiples of 1.6x and 1.7x, respectively.The public issue is also set to unlock wealth worth Rs 530 crore for over 1,300 employees covered under Ather’s employee stock option plan (ESOP).
After filing its draft red herring prospectus (DRHP) last year, Ather trimmed the size of its fresh issue from Rs 3,100 crore to Rs 2,626 crore, amid unfavourable market conditions. The offer-for-sale (OFS) component has also been reduced by about 50%.
Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the bookrunning lead managers to the issue.
