Ather Energy Raises ₹13 Billion in Oversubscribed QIP
By Business Desk
Ather Energy successfully raised INR 13 billion via an oversubscribed QIP, attracting major global and Indian institutional investors, signaling strong market confidence.
Electric two-wheeler manufacturer Ather Energy has successfully concluded a significant Qualified Institutional Placement (QIP), raising INR 13 billion (USD 134 million).
This substantial financial initiative garnered immense interest, with the QIP being oversubscribed more than eight times. The transaction attracted a diverse group of leading institutional investors, demonstrating strong market confidence.
Key Institutional Investors
- The Abu Dhabi Investment Authority was among the prominent global participants.
- Major Indian financial institutions, including ICICI Prudential Life Insurance and HDFC Life Insurance, also invested.
- Various mutual funds and other insurance companies further contributed to the oversubscription.
Executing a QIP of this scale necessitated extensive legal expertise across multiple jurisdictions. Shardul Amarchand Mangaldas & Co (SAM) provided crucial counsel directly to Ather Energy, guiding the company through the placement process.
Legal Advisory Roles
- For the bookrunning lead managers (BRLMs), Trilegal offered advisory on India law, representing entities such as SBC Securities and Capital Markets (India) and Axis Capital.
- International legal counsel for the BRLMs was handled by Latham & Watkins, with their Singapore partner Rajiv Gupta leading the team.
The successful closure of this significantly oversubscribed QIP underscores robust institutional investor interest in the electric two-wheeler segment and Ather Energy’s strategic position within it.