According to Ather Energy's draft prospectus released on Tuesday, the Indian electric scooter manufacturer has scaled back the scope of its IPO.
In contrast to its previous plan of raising Rs 31 billion, Ather intends to raise Rs 26.26 billion ($308.3 million) through the issuance of new shares.
The number of shares that current shareholders will sell will drop from 22 million to 11.1 million.
With its eagerly anticipated first public offering later this month, Ather Energy is expected to end the two-and-a-half-month hiatus in the primary market. On Tuesday, the electric scooter manufacturer submitted a red herring prospectus for the IPO to the Securities and Exchange Board of India (Sebi), which oversees the markets. Since Quality Power Equipments' February 18 IPO of Rs 859 crore, this will be the first initial public offering.
The document states that Ather Energy hopes to raise Rs 2,626 crore through the new share offering, as opposed to the Rs 3,100 crore it had mentioned in the book-built offer's draft red herring prospectus. Along with promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain, the offering will also include an offer for sale from current investors Tiger Global, NIIF II, 3State Ventures Internet Fund III, and IITM.
