Ather shortlists HSBC, JPMorgan, Nomura, Indian banks for listing: Report

Electric scooter maker Ather Energy has shortlisted HSBC, Nomura and JPMorgan to assist with its listing, sources in the know told Bloomberg. 

The Bengaluru-based firm has also zeroed in on banks, JM Financial, Axis Bank, for its initial public offering, the newswire reported, citing people who spoke on condition of anonymity. 

A listing could take place no later than the second half of this year, in Mumbai, based on market conditions, sources told Bloomberg, adding that the list could include additional banks. 

Spokespersons for the five banks as well as the Bengaluru-based two-wheeler maker, refused to offer comments to the newswire. 

Ather has been shortlisting banks for an IPO that could value the company at roughly $2 billion, Bloomberg News had noted in February. The firm aims to rake in nearly $400 million in the share sale, but the contours of the transaction such as the size and value are subject to change, Bloomberg noted. 

Hero MotoCorp-backed Ather raised roughly $128 million in Series E last year, from current investors and the National Investment and Infrastructure Fund, Tiger Global and Binny and Sachin Bansal.