Shardul Amarchand Mangaldas & Co is advising Indian electric two-wheeler maker Ather Energy on its upcoming $536.2 million initial public offering (45 billion rupees), as more emerging companies than ever before turn to India’s red-hot stock market to raise funds.

Cyril Amarchand Mangaldas and Latham & Watkins are acting for the underwriters, Axis Capital, HSBC Securities and Capital Markets (India), JM Financial and Nomura Financial Advisory and Securities (India).

Hero MotoCorp-backed Ather is India's fourth-largest e-scooter maker by market share and is aiming to list in a booming stock market where 200 companies have raised more than $7 billion through IPOs this year, per LSEG data.

The IPO is proposed to comprise a fresh issue and an offer for sale, by promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain, and certain other existing shareholders of the company.

Ather is the second e-scooter manufacturing company to go public this year, following market leader Ola Electric’s $734 million listing, just over a month ago.

SAM’s capital markets team, led by national practice head Prashant Gupta, has been the top-most advisor on Indian listings this year, having represented companies and underwriters in 18 IPOs so far, including Premier Energies, Ola Electric, FirstCry, Bharat Highways InvIT, and the firm has 16-17 IPO mandates in the pipeline including the upcoming mammoth $3 billion Hyundai Motor India IPO.

SAM’s team on the deal was led by Gupta and partner Ruth Chenchiah, and included senior associates Romit Raja Srivastava and Harini Jambunathan, and associate Rishika Shama.

CAM’s team on the IPO comprised senior partner  Yash Ashar, partner Reuben Chacko, and associates Ayana Banerjee, Tejaswi, Akhil, Gagan Bajpai and Kunal Bedesra.

The Latham team is led by Singapore corporate partner Rajiv Gupta, supported by associates Sirada Chayabunjonglerd and Chaitrika Bellana.