Ather Energy Limited Initial Public Offering...
23 Apr, 2025
Ather Energy Limited Initial Public Offering
Ather Energy Limited is set to launch its maiden public offering from April 28 to April 30, 2025, with a price band of â¹304–â¹321 per share, aiming to raise approximately â¹2,626 crore through a combination of fresh issue and offer-for-sale. The proceeds will be largely deployed in expanding manufacturing capacity in Maharashtra, bolstering R&D efforts, enhancing charging infrastructure and meeting general corporate needs.
India’s electric two-wheeler market is racing ahead, underpinned by government incentives and rising environmental consciousness. Ather Energy’s IPO arrives at a pivotal moment, offering investors a chance to participate in scaling up one of the country’s most innovative EV players.
Company History and Overview
Founding and Early Milestones
Ather Energy was incorporated in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, with a vision to build India’s first intelligent electric scooters. In 2016, it rolled out the Ather S340 prototype, followed by the commercial launch of the Ather 450 series, establishing a premium segment foothold.
Product and Infrastructure
The company’s flagship models—the Ather 450X and 450 Plus—feature connected dashboards with OTA updates, navigation and diagnostics, coupled with performance benchmarks (top speed ~80 km/h) that outpace many ICE scooters. Ather has also built the “Ather Grid,” one of India’s fastest proprietary charging networks, to address range-anxiety in key metros.
Financial and Strategic Backing
Hero MotoCorp holds a 40% stake and has signaled long-term commitment by not offloading any shares in this IPO. Institutional investors such as GIC and Tiger Global have supported multiple funding rounds, enabling Ather to scale R&D and production capabilities.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Ather Energy Limited Initial Public Offering
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Ather Energy Limited Initial Public Offering Details
| Detail | Description |
|---|---|
| IPO Date | April 28, 2025 to April 30, 2025 |
| Listing Date | - |
| Face Value | ₹1 per share |
| Issue Price Band | ₹304 to ₹321 per share |
| Lot Size | 46 Shares |
| Total Issue Size | 9,28,58,599 shares (aggregating up to ₹2,980.76 Cr) |
| Fresh Issue | 8,18,06,853 shares (aggregating up to ₹2,626.00 Cr) |
| Offer for Sale | 1,10,51,746 shares of ₹1 (aggregating up to ₹354.76 Cr) |
| Employee Discount | 30.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 29,06,43,469 shares |
| Share Holding Post Issue | 37,24,50,322 shares |
Ather Energy Limited Initial Public Offering Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Mon, Apr 28, 2025 |
| IPO Close Date | Wed, Apr 30, 2025 |
| Tentative Allotment | Fri, May 2, 2025 |
| Initiation of Refunds | Mon, May 5, 2025 |
| Credit of Shares to Demat | Mon, May 5, 2025 |
| Tentative Listing Date | Tue, May 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 30, 2025 |
Ather Energy Limited Initial Public Offering Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 46 | ₹14,766 |
| Retail (Max) | 13 | 598 | ₹1,91,958 |
| S-HNI (Min) | 14 | 644 | ₹2,06,724 |
| S-HNI (Max) | 67 | 3,082 | ₹9,89,322 |
| B-HNI (Min) | 68 | 3,128 | ₹10,04,088 |
EnNutrica IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Ather Energy Limited Initial Public Offering Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 52.67% | - |
Competitive Strength:
- -
Ather Energy Limited Initial Public Offering Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 2,172 | 1,617.4 | -577.9 | 108 | 1,121.6 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 1,913.5 | 1,789.1 | -1,059.7 | 545.9 | 314.9 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 1,976.8 | 1,801.8 | -864.5 | 613.7 | 485.2 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 818.6 | 413.8 | -344.1 | 224.9 | 298.4 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| RoNW | -194% |
| Price to Book Value | 13.38 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -36.46 | -20.69 |
| P/E (x) | -8.8 | -15.52 |
Objectives of Ather Energy IPO
Manufacturing Expansion
â¹927.2 crore of the net proceeds will fund a new electric two-wheeler factory in Maharashtra, aimed at boosting annual capacity to meet surging demand
Research & Development
The company plans to allocate â¹750 crore toward advanced R&D, targeting next-generation platforms, battery technology and software enhancements between fiscal 2026 and 2028.
Charging Infrastructure and Marketing
â¹300 crore is earmarked for marketing initiatives to deepen brand reach in urban and semi-urban markets, while additional funds will expand the Ather Grid network.
Debt Repayment and Corporate Purposes
Ather will use roughly â¹40 crore to retire existing borrowings, with â¹228 crore reserved for general corporate purposes and working capital needs
Conclusion
Ather Energyâs IPO presents a strategic opportunity to invest in Indiaâs premium EV revolution, backed by robust technology, marquee investors and clear fund-deployment plans. Prospective investors should weigh the growth potential against execution risksâscaling production, competitive pressures from incumbents like TVS and Ola Electric, and the capital intensity of charging infrastructure expansion.
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Frequently asked Questions (FAQs )
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1. What are the opening and closing dates for the Ather Energy IPO?
The Ather Energy IPO opens on April 28, 2025, and closes on April 30, 2025.
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2. What is the price band for the Ather Energy IPO?
The IPO price band is set between ₹304 and ₹321 per equity share.
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3. What is the lot size for the Ather Energy IPO?
Investors can bid for a minimum of 46 equity shares and in multiples thereof.
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4. What is the total issue size of the Ather Energy IPO?
The total issue size is approximately ₹2,980.76 crore, comprising a fresh issue of ₹2,626 crore and an offer for sale (OFS) of 1.1 crore shares.
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5. Who are the key investors in Ather Energy?
Key investors include Hero MotoCorp (holding a 40% stake), GIC, and Tiger Global.
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6. What are the objectives of the Ather Energy IPO?
The proceeds will be used for manufacturing expansion, research and development, enhancing charging infrastructure, marketing initiatives, and general corporate purposes.
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7. When is the allotment date for the Ather Energy IPO?
The share allotment date is expected to be May 2, 2025.
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8. When is the expected listing date for the Ather Energy IPO?
The shares are proposed to be listed on May 6, 2025, on both BSE and NSE.
