Investing.com -- Ather Energy, an Indian startup that produces electric two-wheelers, has decreased its initial public offering (IPO) by 18%. The new IPO size is now 26.26 billion Indian rupees, or approximately $308.3 million, according to a revised draft prospectus filed on Tuesday.
The Bengaluru-based company confirmed its aim for a post-money valuation of $1.4 billion with TechCrunch. This is a shift from last September when Ather was seeking a valuation in the range of $1.5 billion to $2 billion.
The updated prospectus also reveals that current Ather shareholders will sell a reduced amount of 11.1 million shares. This is a significant decrease from the 22 million shares outlined in the previous year’s draft prospectus.
The bidding process for Ather shares is scheduled to commence on April 28 and will last for three days. Prior to this, on April 25, anchor investors are expected to participate in a private placement.
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