Electric scooter maker Ather Energy is set to launch its IPO on April 28, with a price band of ₹304–321 per share. As India’s first IPO in nearly two months, its success could reset the tone for primary markets in 2025. However, the trimmed issue size—down from ₹4,000 crore to ₹2,980.76 crore—has sparked concerns among analysts, some viewing the move as a sign of urgency amid tough market conditions.

Ather Energy Sets IPO Price

Electric vehicle manufacturer Ather Energy is stepping into the public markets with its IPO opening for subscription on April 28, becoming only the second pure-play Indian EV firm to go public after Ola Electric. The company has set a price band of ₹304–321 per share, with the offer comprising a fresh issue of ₹2,626 crore and an offer for sale of up to 1.1 crore shares, translating to around ₹354.76 crore at the upper price band.

The IPO will be closely watched, as it marks the first public listing in nearly two months, during a time when most companies are holding back due to global market uncertainty. The anchor investor window will open on April 25, and the listing is scheduled for May 6, following allotment and refund processes in the first week of May.

Ather’s total issue size has been scaled back to approximately ₹2,980.76 crore from a previously planned ₹4,000 crore, reflecting cautious investor sentiment and broader volatility triggered by global tariff worries. The IPO now implies a post-issue valuation of ₹11,956 crore, revised down from earlier expectations of a $2.5 billion (₹20,800 crore) listing.

“From an incoming investor’s perspective, multiple valuation cuts and a last-minute downsizing of the fundraise suggest an urgent rush to list, which may not inspire confidence,” said independent analyst Jayant Mundhra. “It raises red flags about the company's long-term outlook and investor confidence.”

Despite a record-breaking IPO year in 2024, where companies raised ₹1.6 lakh crore, only nine firms have tapped the markets in 2025, raising just ₹15,722 crore, per data from Prime Database. Analysts like Rajesh Palivya of Axis Securities believe Ather’s IPO performance will set the tone for upcoming listings, with many firms remaining in wait-and-watch mode.

For the nine months ending December 2024, Ather posted a revenue of ₹1,578.90 crore, up from ₹1,230.40 crore in the previous year, while losses narrowed to ₹577.90 crore from ₹776.40 crore—indicating progress, but underscoring ongoing challenges in reaching profitability.

The IPO is being managed by Axis Capital, HSBC Securities and Capital Markets (India), JM Financial, and Nomura Financial Advisory and Securities (India).