BENGALURU, Sept 9 Reuters Indian electric two wheelermaker Ather Energy has filed for an IPO consisting of a fresh issue of shares worth 31 billion rupees 369.4 million, it said in a draft filing on Monday.

Backed by Indian bikemaker Hero MotoCorp, Ather makes electric scooters and competes with recentlylisted Ola Electric.

Investors and some top shareholders will sell up to 22 million shares in the IPO.

Proceeds will be used for capital expenditure to establish an electric twowheeler factory in India39;s Maharashtra state, and for research and development, Ather said.

The bookrunning lead managers for the issue include Axis Capital and JM Financial.

1 83.9160 Indian rupees

Reporting by Varun Hebbalalu in Bengaluru

Source Reuters