After the runaway success of its larger rival Ola Electric’s Rs 6,145 crore share sale last month, electric two-wheeler maker Ather Energy has filed for a Rs 4,500 crore IPO.

The issue will be Rs 3,100 crore of fresh issue and Rs 1,400 crore of offer for sale by the founders along with external investors like Tiger Global and Binny Bansal’s 3 State Ventures.

While the Sebi filing on Monday has said the issue will be of Rs 3,100 crore of fresh issue and did not quantify the OFS amount, sources told TNIE that the secondary sale will be worth around Rs 1,400 crore.

In a notable move, the main promoter Hero Motocorp, which owns 37.2 percent, has decided not to sell any shares in the offering while the founders and some of its investors are looking to divest shares, according to the filing with the Sebi Monday.

The Hosur-based company’s founders Tarun Sanjay Mehta and Swapnil Babanlal Jain are planning to offload around 1 million equity shares in the OFS.

The amount of money that selling shareholders will be raising is not known as of now, but they filing says they will collectively divest as much as 2.2 crore shares and the fresh issue will be worth Rs 3,100 crore.

Caladium Investment, which is an affiliate of Singaporean sovereign fund GIC, the National Investment and Infrastructure Fund II and 3State Ventures and Tiger Global’s Internet Fund III are among the corporate selling shareholders, according to the regulatory filing.

GIC Ventures will offload around 10.5 million shares or 47.8 percent of the total OFS, 3 States Ventures will sell 4.8 million shares or 2.18 percent of the offer for sale while Tiger Global will offload around 4 million shares or 18 percent of the OFS.

Other selling shareholders include the IIT Madras incubation Cell, the IIT Madras Rural Technology, and Business Incubator.

Hero Motocorp owns 37.2 percent, GIC Caladium Investment and India-Japan fund hold 15.04 percent and 10.29 percent, respectively. The India-Japan Fund is represented by the NIIF and it separately owns 6.60 percent. Tiger Global holds around 6.39 percent shares. The co-founders Mehta and Jain hold 6.63 percent each.

The funds raised from the fresh issue will be allocated to capex for establishing a new manufacturing facility in Aurangabad in Maharashtra apart from supporting the ongoing research and development efforts.