According to persons familiar with the situation, Indian electric scooter manufacturer Ather Energy Pvt Ltd has chosen HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to assist in setting up its initial public offering.

The individuals, who wished to remain anonymous due to the confidentiality of the situation, stated that the Bengaluru-based company has also chosen regional banks for the initial share offering, including JM Financial Ltd. and Axis Bank Ltd. According to the people, an initial public offering (IPO) in Mumbai may occur as early as the second half of the year, contingent on market conditions. Additional banks may also be included.

Both Ather and the representatives of the five banks declined to comment.

Ather has been choosing banks for a possible $2 billion IPO, according to a February article from Bloomberg News. According to persons familiar with the matter, the company may try to raise as much as $400 million through the selling of shares, though specifics like the number and valuation may vary.

In 2013, following their graduation from the Indian Institute of Technology Madras, Tarun Mehta and Swapnil Jain launched Ather. In 2022, the business raised around $128 million in a series E round, including participation from the National Investment and Infrastructure Fund Ltd. and current investors Hero MotoCorp Ltd., a manufacturer of two-wheelers.

Co-founders of Flipkart Sachin and Binny Bansal, as well as Tiger Global Management, are among the other backers.