Attero plans public listing of shares in 2025

Electronic waste recycling company Attero Recycling plans to come out with its initial public offering in 2025, said its CEO and Co-founder Nitin Gupta. 

In an interview, said the company still deliberating where to list its share in India or abroad as the company also plans for major international forays. 

“2025 is when we are planning to go public. The factors that we are an extremely high growth company, profit generating and cash flow generating, and even from the ESG perspective the firm has great credentials, for an IPO and we are on track to do that in 2025,” he said. 

Gupta also said that the company is talks for its next round of equity fundraise. Attero had last raised $16.5 million in 2014 in its series C funding round led by private equity fund Forum Synergies (India). 

The CEO said that the company plans to take its revenue to $2 billion with the expansion in its business. 

On Thursday, the company announced to set up a 15,000 metric tonne lithium-ion battery recycling plant in Telangana with an investment of Rs 600 crore. Its current capacity is 4,500 metric tonne. 

“We are putting together around 300,000 tonne per annum capacity for lithium ion batteries in the next five years. Around 35% of it is eing set up in Europe, 35% in the US, 20% in India and 10% in Asia, excluding India. For this the total investment is around Rs 7,500 crore out of which the Indian capacity is suppose to be 60,000 tonne. We already have current capacity of 4,500 tonne. This Telangana plant is an additional capacity of 15,000 tonne,” Gupta said. 

He said that the total investment in the Telangana plant which would be set up around 25 kilometres away from Hyderabad would be Rs 600 crore in two phase, the first phase being up to August 2023 and the second phase till December 2023. 

He noted that the company is recovering over 98% of battery grade cobalt, lithium carbonate, graphite, nickel (from used batteries) and exporting to top automobile original equipment manufacturers across the world to manufacture new battery cells. 

In June this year, the electronic waste recycling company announced its plans to invest $1 billion to expand globally over the next five years. As part of its plan, the firm that also recycles batteries will set up plants in the US, Poland and Indonesia, and also scale up its India operations. 

Speaking on the progress of its international plans he said the plans to set up factories abroad are “well on track”. 

In the first phase, Attero plans to invest $500 million to scale its lithium ion battery recycling capacity to 1,50,000 tonne by 2025. The European facility is expected to be functional during the ongoing quarter 2022, while the facility in Ohia, US will be operational by the third quarter of 2023. 

The factory in Indonesia is slated to be functional by the first quarter of 2024. 

In a bid to reach its target of 3,00,000 tonne of lithium ion battery waste per year by 2027, Attero will infuse an additional $500 million in the second phase. 

Founded in 2008, by Rohan Gupta and Nitin Gupta, Attero is backed by the International Finance Corporation and Kalaari Capital among others.