Promoters, early backers of Ather Energy eye strong gains through IPO

Promoters and early investors in Ather Energy are set to make significant gains as the electric two-wheeler (E2W) maker heads for its public listing later this month.

Tiger Global, which invested in Ather in 2015 at Rs 38.58 per equity share, is set to offload shares at a multiple of 8.3x. Singapore-based sovereign wealth fund GIC, through Caladium Investment, and the National Investment and Infrastructure Fund (NIIF) — both of which joined Ather’s cap table in 2022 — are expected to clock multiples of 1.6x and 1.7x, respectively, the…