The Securities and Exchange Board of India (Sebi) has given the go-ahead for the initial public offer (IPO) of Ather Energy. It will be the second pure play EV firm after Ola Electric Mobility to get listed on the bourses.

Ather Energy had filed its draft red herring prospectus (DRHP) in September and it received the observation letter on December 23

In Sebi parlance, obtaining observations means its go-ahead to float public issues.

Ather Energy's proposed IPO is a combination of a fresh issue of equity shares worth ₹3,100 crore and an offer for sale (OFS) of 2.2 crore equity shares by promoters and investors shareholders.

Proceeds from the fresh issue will be used for capital expenditure to establish an electric two-wheeler factory in Maharashtra.

Meanwhile, the ₹5,000-crore proposed IPO of Schloss Bangalore Ltd, which operates Leela Palaces Hotels & Resorts, will consist of a fresh issue of equity shares worth ₹3,000 crore and OFS of shares valued at ₹2,000 crore by promoter Project Ballet Bangalore Holdings.

Schloss Bangalore, known for its luxurious hotels and resorts under The Leela brand, has a portfolio of 3,382 keys across 12 hotels. As of May 31, 2024, its portfolio includes The Leela Palaces, The Leela Hotels and The Leela Resorts.

Indo Farm shines

While the secondary markets remain under pressure due to worries over excess valuations, investors continue to bid for new entrants.

The IPO of Indo Farm Equipment which makes tractors and pick & carry cranes, was subscribed nearly 18 times on the first day of the sale.

Data from the Bombay Stock Exchange showed that against 84.7 lakh shares on offer, the float received bids for 15 crore shares.