EV major Ather Energy has filed its red herring prospectus (RHP) with SEBI, paving the way for it to become the first new-age tech company to go public in 2025.

The EV company has cut its IPO size amid the ongoing volatility in the equities market. Its public issue will comprise a fresh issue of up to INR 2,626 Cr and offer for sale of up to 1.1 Cr shares.

As per its DRHP, filed in September last year, Ather Energy’s IPO was to comprise a fresh issue of up to INR 3,100 Cr and OFS of up to 2.2 Cr shares.

Ather Energy is eyeing a valuation of about INR 12,000 Cr for the IPO, s ources told Inc42. The issue will open on Monday (April 28) for public bidding and close on Wednesday (April 30).

Cofounders Tarun Mehta and Swapnil Jain are among those who will offload shares in the OFS. NIIF, Tiger Global, Caladium Investment are among the investors who will sell shares via the OFS. However, Hero MotoCorp, Ather’s largest shareholder with a 38.2% stake, won’t sell any shares.

Notably, Ather Energy will become the second Indian EV startup to go public after Ola Electric.

(The story will be updated soon.)

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