Ather Energy IPO
- IPO Date28 Apr, 2025 to 30 Apr, 2025
- Listing Date06 May, 2025
- Face Value₹1 per share
- Issue Price₹321 to ₹321 per share
- Lot Size46 Shares
- Minimum Investment₹14,766
- Listing AtBSE, NSE
- Total Issue Size9,28,67,945 Shares
(aggregating up to ₹2981.06 Cr) - Fresh Issue8,18,16,199 Shares
(aggregating up to ₹2626.30 Cr)
- Offer for Sale1,10,51,746 Shares
(aggregating up to ₹354.76 Cr) - Issue TypeBookbuilding IPO
- Share holding pre issue29,06,43,469
- Shareholding post issue37,24,59,668
IPO Dates
Closing Date
30 Apr, 2025
Initiation of Refunds
05 May, 2025
Listing Date
06 May, 2025
28 Apr, 2025
Opening Date
02 May, 2025
Basis of Allotment
05 May, 2025
Credit of Shares
Ather Energy Lot Size
Investors can bid for a minimum of 46 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Max) | 13 | 598 | ₹1,91,958 |
| S-HNI (Max) | 67 | 3082 | ₹9,89,322 |
| Retail (Min) | 1 | 46 | ₹14,766 |
| B-HNI (Min) | 68 | 3128 | ₹10,04,088 |
| S-HNI (Min) | 14 | 644 | ₹2,06,724 |
Ather Energy Promoter Holding
Tarun Sanjay Mehta, Swapnil Babanlal Jain, and HMCL are the company promoters.
| Pre Issue Share Holding | Post Issue Share Holding |
|---|---|
| 54.61% | 42.09% |
Ather Energy COMPANY INFORMATION
Ather Energy IPO is a bookbuilding of ₹2,981.06 crores. The issue is a combination of fresh issue of 8.18 crore shares aggregating to ₹2,626.30 crores and offer for sale of 1.11 crore shares aggregating to ₹354.76 crores. Ather Energy IPO bidding started from April 28, 2025 and ended on April 30, 2025. The allotment for Ather Energy IPO was finalized on Friday, May 2, 2025. The shares got listed on BSE, NSE on May 6, 2025. Ather Energy IPO price band is set at ₹321 per share. The minimum lot size for an application is 46. The minimum amount of investment required by retail investors is ₹13,984. But it is suggested to the investor to bid at the cutoff price to avoid the oversubscription senerio, which is about to ₹14,766. The minimum lot size investment for sNII is 14 lots (644 shares), amounting to ₹2,06,724, and for bNII, it is 68 lots (3,128 shares), amounting to ₹10,04,088. The issue includes a reservation of up to 1,00,000 shares for employees offered at a discount of ₹30.00 to the issue price. Axis Capital Limited, Hsbc Securities & Capital Markets Pvt Ltd, Jm Financial Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Ather Energy IPO, while Link Intime India Private Ltd is the registrar for the issue. Refer to Ather Energy IPO RHP for detailed information.
Ather Energy Limited, incorporated in 2013, is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems. The company operates as a vertically integrated EV manufacturer with a focus on product and technology development.
The company sold 107,983 E2Ws and 109,577 E2Ws in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively.
As of December 31, 2024, we had 265 experience centres and 233 service centres in India, five experience centres and four service centres in Nepal, and ten experience centres and one service centre in Sri Lanka.
The company's product ecosystem includes Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform with 64 connected features as of July 2024.
Manufacturing is carried out at the Hosur Factory in Tamil Nadu, which had an annual installed capacity of 420,000 electric vehicles and 379,800 battery packs as of March 2024.
As of February 28, 2025, globally, the company had 303 registered trademarks, 201 registered designs and 45 registered patents, in addition to pending applications for 102 trademarks, 12 designs and 303 patents.
Ather’s strategy is built on four pillars: Vertically integrated design and engineering, A software-defined product ecosystem, Premium market positioning and Capital-efficient operations.
As of March 31, 2024, Ather Energy employed 2,454 people, including 1,458 on-roll employees and 996 off-roll staff.
Ather Energy Limited IPO Analysis – Comprehensive Investment Insight
Ather Energy Limited, a pioneer in India’s electric two-wheeler (E2W) sector, is entering the capital markets with a promising Initial Public Offering (IPO). With its strong technological foundation, innovative product ecosystem, and rising market share, the IPO is capturing the attention of retail and institutional investors alike.
HIGHLIGHTS OF THE IPO
Ather Energy’s IPO comprises a fresh issue aggregating up to ₹26,260 million and an offer for sale of up to 11,051,746 equity shares by existing shareholders. The company intends to list on NSE and BSE, and aims to utilize the proceeds primarily for capital expenditure, R&D, debt repayment, and marketing efforts.
OBJECTS OF THE OFFER
Fund Utilization Strategy
₹9,272 million: Establishing a new electric vehicle factory in Maharashtra
₹7,500 million: Investment in research & development
₹3,000 million: Marketing initiatives
₹400 million: Repayment/prepayment of borrowings
Balance: General corporate purposes
This diversified allocation signals Ather’s intent to strengthen manufacturing capabilities while amplifying its brand presence and technological innovation.
FINANCIAL PERFORMANCE OVERVIEW
Revenue and Profit Trends
FY 2024 Revenue: ₹17,538 million, marginally down from ₹17,809 million in FY 2023
FY 2024 Loss: ₹8,851 million, widened compared to ₹8,645 million in FY 2023
Strong cash reserves and asset base, despite net losses
Assets & Liabilities
Total Assets as of Dec 2024: ₹21,720 million
Equity Share Capital: ₹31 million post recent bonus and share issues
Increasing borrowings and lease liabilities underscore expansion plans
MARKET POSITION & GROWTH POTENTIAL
Competitive Edge
Ather held a 10.7% market share in the E2W segment for the 9 months ended Dec 2024
Launched award-winning Rizta scooters with innovative family-centric features
Proprietary tech stack (AtherStack), smart accessories (Halo Helmet), and fast-charging network (Ather Grid) offer an integrated EV ecosystem
RISKS & CHALLENGES
Key Risks to Consider
Continuous financial losses raise sustainability concerns
High dependency on a few suppliers for lithium-ion batteries
Underdeveloped E2W service infrastructure compared to ICE vehicles
Execution risks in establishing the Maharashtra plant (Factory 3.0)
PROS & CONS OF INVESTING IN ATHER ENERGY IPO
Pros
Strong brand recognition in India’s EV market
Consistent investment in R&D and tech innovation
Fast-growing sales and distribution network across India and South Asia
Robust ecosystem integration with charging, accessories, and smart tech
Cons
Sustained operating losses with limited profit visibility
High capital expenditure and borrowing levels
Regulatory uncertainties in EV and battery sectors
Dependence on a niche market still maturing in India
SUMMARY: SHOULD YOU INVEST?
Ather Energy’s IPO is suitable for investors with a medium to long-term horizon who are willing to bet on the growth of India’s EV sector. While the company offers technological superiority and brand value, the absence of near-term profitability and risks around execution must be cautiously evaluated.
Frequently Asked Questions (FAQ)
Ather Energy IPO will open on 28 Apr, 2025 and close on 30 Apr, 2025. Investors must apply within this period to participate.
The Ather Energy IPO price band is set between ₹321.00 and ₹321.00 per share. The minimum lot size is 46, requiring an investment of at least ₹14766.00.
The Ather Energy IPO shares are expected to be listed on 06 May, 2025, subject to regulatory approvals and final allotment.
You can track your Ather Energy IPO application status on the registrar’s website: Link Intime or KFintech using your PAN, application number, or DP ID
The Ather Energy IPO will be listed on major stock exchanges such as NSE and BSE, where you can trade shares once they are listed.
Ather stands out with its proprietary software stack, hardware integration, and a complete ecosystem from vehicle to charger to accessories—offering customers a seamless experience.
The IPO proceeds will be used for establishing a new manufacturing plant, R&D, repaying debts, brand marketing, and general corporate purposes.
No, Ather is currently not profitable. It recorded a net loss of ₹8,851 million in FY 2024. However, it continues to invest in infrastructure and innovation for long-term growth.
Ather Energy held an 11.5% share of the Indian electric two-wheeler market in FY 2024, positioning it as a strong challenger brand amid growing EV demand.
Major risks include sustained losses, supply chain dependencies, lack of widespread EV servicing infrastructure, and execution delays in expansion plans.
Ather uses its in-house AtherStack software platform that enables features like real-time navigation, traction control, OTA updates, and ride analytics, integrated with a smart dashboard.
Ather has deployed over 2,500+ fast chargers across India, along with international networks in Nepal and Sri Lanka, making it one of the largest E2W charging infrastructures in the region.