Electric scooter maker Ather Energy’s Rs.2,981-Cr IPO gets 1.4x subscription

Electric scooter maker Ather Energy ’s INR 2,981 crore initial public offering (IPO) received 1.4x subscription. Investors placed bids for 7.65 crore shares in the issue, compared with the 5.33 crore shares on offer by the company.The portion meant for institutional investors got subscribed 1.7x, drawing INR 1,575 crore in bids. The firm had raised INR 1,340 crore from anchor investors.High networth individuals (HNIs) subscribed 66%, while retail investors and employee portions received 1.78x and 5.4x subscription, respectively.Ather’s IPO included a fresh issue of INR 2,626 crore and an offer for sale of INR 355 crore. Selling shareholders, apart from the founders, include Tiger Global, Caladium Investment (an affiliate of GIC), Binny Bansal’s 3 States Ventures and IIT Madras Incubation Cell.