EV manufacturer Ather said to move closer to $400 million IPO

Ather Energy Pvt., an Indian electric-scooter maker supported by Hero MotoCorp Ltd., is planning an IPO in Mumbai to raise around $400 million, targeting a valuation of about $1.6 billion. The offering, expected by early April, will include both primary and secondary shares, with some investors offloading stakes. Hero MotoCorp will not sell its shares.