Ather Energy sets IPO price band in range of ₹304 to ₹321 per share

India's Ather Energy has priced its shares in the range of ₹304  to ₹321 per share for its initial public offering (IPO), a newspaper advertisement from the electric scooter-maker showed on Wednesday.

The Tiger Global-backed company trimmed its IPO size on Tuesday to ₹2,626 crore ($308.3 million), down from its initial aim of raising ₹3,100 crore.

Existing shareholders will offload 11.1 million shares - around half the 22 million shares they planned to sell earlier.

Indian motorcycle maker Hero MotoCorp, the largest shareholder in Ather with a stake of around 40 per cent, maintained its stance that it will not sell its shares in the IPO.

Bidding for Ather shares will be open for three days starting April 28, while anchor investors will participate in a private stock placement on April 25.

Ather was one of the first companies to sell e-scooters in India in 2018, but has fallen behind larger rivals Ola Electric and TVS Motor, whose discounts and larger distribution network have driven sales.