India, May 3 -- EV major Ather Energy's cofounders Tarun Mehta and Swapnil Jain are set to rake in 15.2X returns each by selling a portion of their shares in the company as part of offer for sale (OFS) during its IPO.

Cofounders Mehta and Jain held 2.05 Cr shares each in the company ahead of the IPO. The duo will offload 9.8 Lakh shares each in the OFS. They acquired these shares for INR 2.1 Cr each and will offload them for INR 31.4 Cr each at the upper end of the IPO price band of INR 314 to INR 321, translating to 15.2X returns on their initial investments.

Founded in 2013 as an IIT Madras incubated startup, Ather is one of the leading escooter OEMs in India. It competes with Ola Electric, Bajaj Auto, TVS Motor, Hero MotoCorp, Honda,...