India, April 22 -- EV major Ather Energy has filed its red herring prospectus (RHP) with SEBI, paving the way for it to become the first new-age tech company to go public in 2025.

The EV company has cut its IPO size amid the ongoing volatility in the equities market. Its public issue will comprise a fresh issue of up to INR 2,626 Cr and offer for sale of up to 1.1 Cr shares.

As per its DRHP, filed in September last year, Ather Energy's IPO was to comprise a fresh issue of up to INR 3,100 Cr and OFS of up to 2.2 Cr shares.

Ather Energy is eyeing a valuation of about INR 12,000 Cr for the IPO, sources told Inc42. The issue will open on Monday (April 28) for public bidding and close on Wednesday (April 30).

Cofounders Tarun Mehta and Swa...