On Tuesday, the fourthlargest electric two-wheeler maker in the country by volume raised ₹600 crore from its existing investor, the National Investment and Infrastructure Fund (NIIF), catapulting itself into a unicorn with a valuation of $1.3 billion. The move to go for an IPO is well-timed, as it comes on the heels of a successful stock market debut by its startup rival, Ola Electric, which raised 5,500 crore. Its offering was oversubscribed by more than four times. A spokesperson for Ather Energy declined to comment.
While the stock opened on the bourses on August 9, close to the issue price of 76 (at 75.99), it has shot up, hitting the upper circuit regularly in the past few days, closing on Tuesday at ₹108.
This story is from the August 14, 2024 edition of Business Standard.
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This story is from the August 14, 2024 edition of Business Standard.
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