EV Maker Ather Said to Move Closer to $400 Million India IPO

An employee test drives an Ather Energy electric scooter.Photographer: Dhiraj Singh/Bloomberg
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Ather Energy Pvt., an Indian electric-scooter maker backed by Hero MotoCorp Ltd., is moving forward with plans for a Mumbai initial public offering that could raise about $400 million, people with knowledge of the matter said.