After Ola Electric, e-scooter maker Ather Energy files for $536 million IPO

Indian electric two wheeler-maker Ather Energy has filed for a Rs 4,500 crore ($536.2 million) IPO at a valuation of $2.5 billion, a source with direct knowledge of the matter said on Monday, seeking to tap a red-hot stock market weeks after bigger rival Ola Electric went public.

Ather is selling new shares worth Rs 3,100 crore in the IPO, draft papers filed with the market regulator showed. Existing investors and some top shareholders, including co-founder and CEO Tarun Sanjay Mehta, are selling shares worth Rs 1,400 crore in the float, according to the source, who did not want to be identified as the details are confidential.