India’s EV startup Ather cuts IPO size to $308M, seeking $1.4B post-money valuation

Ather Energy, the Indian startup manufacturing electric two-wheelers, has cut the size of its initial public offer by 18% to 26.26 billion Indian rupees ($308.3M), according to a new draft prospectus filed Tuesday. The Bengaluru-based startup confirmed to TechCrunch it’s targeting a post-money valuation of $1.4 billion. Last September, the startup sought a valuation of between $1.5 billion and $2 billion, TechCrunch reported at the time. Ather cited market conditions for trimming its IPO size and target valuation. Existing Ather shareholders will sell 11.1 million shares, down from the 22 million shares mentioned in its last year’s draft prospectus. Bidding for Ather shares will open for three days starting April 28; anchor investors are set to participate in a private placement on April 25. Ather co-founders Tarun Mehta and Swapnil Jain as well as National Investment and Infrastructure Fund Limited (NIIF) and Tiger Global Management’s Internet Fund III plan offload their stakes in ... Read full article.