Shardul Amarchand Mangaldas & Co. Advises Ather Energy Limited on its ₹2,980 crore IPO

May 8, 2025

Shardul Amarchand Mangaldas & Co. advised Ather Energy Limited (“Company”) and promoter selling shareholders, Tarun Sanjay Mehta and Swapnil Babanlal Jain, on the Company’s initial public offering aggregating to approximately ₹2,980 crore (through a fresh issue and an offer for sale by certain selling shareholders, including National Investment and Infrastructure Fund II and affiliates of GIC and Tiger Global). The equity shares of the Company were listed on the BSE and NSE on May 6, 2025.

The Book Running Lead Managers on this transaction were Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, Nomura Financial Advisory and Securities (India) Private Limited.

Ather Energy is the second electric two-wheeler company to list on Indian stock exchanges. Further, this is the first mainboard IPO to list on Indian stock exchanges in Fiscal 2026.

The transaction team was led by Prashant Gupta, National Practice Head – Capital Markets; Ruth Chenchiah, Partner; Romit Raja Srivastava, Principal Associate; Harini Jambunathan, Senior Associate; and Rishika Sharma, Senior Associate.

The Corporate Advisory team comprised of Manav Nagaraj, Partner; and Tarun Reddy, Senior Associate.