• Fresh Issue Size: It provides a fresh issue size aggregating up to 2,6260 million, each with a face value of Rs. 

• Offer for sale:  It provides an offer for sale of 11,051,746 equity shares, each with a face value of Rs. 1.
• Price Range: The bid price for each equity share ranges from Rs.304- 321 per share.
• Issue Type: The IPO is a 100% book-built issue type.
• Lot size: It is providing a lot size of 46
• Subscription date: The issue period begins on April 28^th 2025 and ends on April 30^th 2025.
• Listing Date: The IPO is going to be listed on May 6^th 2025.
• Stock Exchange: The IPO is going to be listed on NSE and BSE.

The company with the help of this IPO seeks to utilize its net proceeds to meet working capital and for general corporate purposes.

The table below (in millions) stipulates the restated Financial Information of the company over the last 3 fiscal years and up-till December 31, 2024.

India is the largest global motorized 2W market by volume with 18.4 million units sold in Fiscal Year 2024, of which 16% were exports. The EV market is experiencing remarkable growth in India especially when the volatile crude oil prices are increasing along with the growing concern of the country towards sustainability. Many companies are adapting and introducing premium EV vehicles at competitive prices.

The domestic two-wheeler industry has grown at a CAGR of 6.2% from 2009 to 2014 and the EV retail has grown with a 101.7% CAGR since 2019.

The launch of E2W vehicles Ola, Ather, Okinawa, and Ampere at competitive prices with advanced features is accelerating E2W growth. This sector is expected to grow at a CAGR of 41% to 44% and reach overall 2W industry sales of 35% - 40% by 2031.

• The company deals with the manufacturing of Electronic two-wheeler (E2W) vehicles. It also has developed a robust software that attributes to the functioning of its E2W vehicles.

• It has two product lines, the Ather 450 and the Ather Rizta, with seven variants. Its products are internal combustion engine (“ICE”) scooters equipped with robust technology that caters to customer’s convenience and comfortableness.
• The company has a strong Research and Development team, in-house, engineering, and has shown stable returns increasing its revenue from operation from Rs. 4,089 million in 2022 to Rs.17,538 million as of 31.03.2024 
• The company has one factory situated in Hosur, Tamil Nadu with a total annual installed capacity of 420,000 units for E2Ws and 379,800 units for battery packs, and is building another factory in Maharashtra.

The demand for Electronic two-wheeler is rapidly growing driven by advancements in technology, customer convenience, and the increasing awareness of environmental sustainability.

The company has shown healthy growth over the years but is also subject to certain risks as it has a limited history and strong competition from many companies in the same line of industry which the investors should carefully analyze before investing.

The company with the help of this Initial Public Offering (IPO) aims to set up a factory in Maharasthra, Repay certain borrowing, implement business developments and for general corporate purposes.

It has shown healthy profits over the years but is also subject to many risks, Investors should carefully outline the risks given in the RHP draft before investing.