Electric two-wheeler maker Ather Energy's Rs 1,300-crore qualified institutional placement (QIP) has been subscribed more than eight times, attracting bids worth over Rs 10,000 crore from domestic and foreign institutional investors, according to people aware of the matter.
The QIP, which opened on Wednesday, drew interest from several marquee domestic mutual funds and foreign institutional investors (FIIs), the sources added.
The company launched the issue at a floor price of Rs 1,169.70 per share, 10% lower than its share price of Rs 1,298 on Wednesday.
Alongside the QIP, Ather is raising Rs 1,200 crore through a preferential allotment from existing investors, taking its total capital raise to Rs 2,500 crore.
People familiar with the matter said all investors participating in the preferential issue, including Hero MotoCorp and the founders, are investing at a price around 7% above the QIP floor price.
The stock closed down 2.5% at Rs 1,264.65 on the BSE on Thursday.
