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Ather Energy expands ESOP pool ahead of IPO

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The company increased its ESOP pool by 7,808 options worth about Rs 230 crore

The move signals preparation for an IPO expected around end of 2023

FY21 revenue grew 126% to Rs 79.8 crore

Ather Energy increased its ESOP (employee stock option plan, which lets employees buy company shares at a fixed price) pool by 7,808 options, from 37,209 to 45,017 options.
The new ESOP pool is estimated to be worth Rs 230 crore.
The board also approved a founders' stock option plan 2022, with options worth about Rs 25.5 crore.
The company reduced the Series D shareholders agreement pool from 12,356 options to 5,214, and proposed cancelling the unused 7,142 options.
Ather Energy plans to go public in the near future, with media estimates suggesting an IPO around end of 2023.
In January, Hero MotoCorp approved an additional investment of up to Rs 420 crore ($57 million) in the company.
Hero MotoCorp holds about 34.8% stake in Ather Energy on a fully diluted basis.

The ESOP expansion is a common step before an IPO to reward and retain employees.
Ather Energy's revenue grew 126% to Rs 79.8 crore in FY21, showing strong business momentum.
April 2022 sales reached 3,779 units, a year-on-year growth of over 255%.
The company is backed by Hero MotoCorp, which has invested heavily and holds a significant stake.

Ather Energy manufactures electric scooters, including the Ather 450X and Ather 450 Plus.
The company is based in Bengaluru and sells its scooters across India.
In April 2022, it sold 3,779 units, reflecting strong demand.
FY21 revenue was Rs 79.8 crore, up from Rs 35.3 crore in FY20.
The company is preparing for an IPO, indicating plans to scale further.

Hero MotoCorp (existing) — Holds about 34.8% stake in Ather Energy and approved an additional investment of up to Rs 420 crore in January 2022.