Listed
Ather Energy Limited IPO
Ather Energy Limited IPO is a Bengaluru-based electric vehicle company founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain. It designs and manufactures smart electric scooters like the Ather 450X and the newly launched family scooter, Ather Rizta. The company also operates Ather Grid, one of India's largest EV charging networks. With strong in-house R&D and manufacturing facilities in Hosur and Bengaluru, Ather focuses on innovation and user-centric technology. Backed by investors like Hero MotoCorp, the company is raising ₹2,626 crore through its IPO to fund expansion, R&D, marketing, and debt repayment.
Min Investment
₹13,984
Lot Size
46 Shares
Price Range
₹304.0 - 321.0
Issue Size (₹ Cr.)
₹2,980.76 Cr
IPO Type
Mainboard
Key Metrics
Face Value
₹ 1
GMP
₹ 12
Subscription
1.50x
EPS
₹ -20.69
P/E Ratio
-15.52 x
RoNW
-194%
ROE
–1.83%
Debt to Equity (₹ Cr.)
0.88
Timeline
IPO Opened28/04/2025Monday
IPO Closed30/04/2025Wednesday
Allotted02/05/2025Friday
Refunded05/05/2025Monday
Listed06/05/2025Tuesday
Strengths
- Strong Brand Presence – Known for premium electric scooters with high-performance and smart features.
- Robust In-house R&D – Designs key components like battery packs and software in-house.
- Wide Charging Network – Operates one of India’s largest two-wheeler EV charging networks, Ather Grid.
- Backed by Hero MotoCorp – Strong financial and strategic support from a leading auto giant.
- Tech-Focused Products – Offers smart, connected vehicles with features like OTA updates and app integration.
Weaknesses
- Consistent Losses – Continues to post financial losses; ₹577.9 crore loss in 9M FY2024.
- Tough Competition – Faces strong competition from Ola Electric, TVS, and Bajaj.
- Regional Sales Dependency – Heavy sales concentration in South India limits national reach.
- Reduced Valuation – IPO valuation is ~44% lower than earlier expectations, signaling investor caution.
- Policy Dependency – Business performance tied closely to government EV incentives and regulations.
Ather Energy Limited IPO - GMP Trend
| GMP Date | Ipo Price | GMP | Estimate Listing Price | |
|---|---|---|---|---|
| 06/05/2025 | ₹ 321.00 | ₹ 12 | ₹ 333 (3.74%) | Listed |
| 05/05/2025 | ₹ 321.00 | ₹ 7 | ₹ 321 (2.18%) | |
| 04/05/2025 | ₹ 321.00 | ₹ 7 | ₹ 321 (2.18%) | |
| 03/05/2025 | ₹ 321.00 | ₹ 7 | ₹ 321 (2.18%) | |
| 02/05/2025 | ₹321.00 | ₹ 0 | ₹ 321 (0.00%) | Allotment |
| 01/05/2025 | ₹ 321.00 | ₹ 0 | ₹321 (0.00%) | |
| 30/04/2025 | ₹ 321.00 | ₹ 0 | ₹321 (0.00%) | IPO Closed |
| 29/04/2025 | ₹ 321.00 | ₹ 1 | ₹322 (0.31%) | |
| 28/04/2025 | ₹ 321.00 | ₹ 1 | ₹322 (0.31%) | Live |
| 27/04/2025 | ₹ 321.00 | ₹ 0 | ₹321 (0.00%) | |
| 26/04/2025 | ₹ 321.00 | ₹ 3 | ₹324 (0.93%) | |
| 25/04/2025 | ₹ 321.00 | ₹ 3 | ₹324 (0.93%) | |
| 24/04/2025 | ₹ 321.00 | ₹ 5 | ₹326 (1.56%) | |
| 23/04/2025 | ₹ 321.00 | ₹ 10 | ₹331 (3.12%) | |
| 22/04/2025 | N/A | ₹ 17 | ₹17 (0.00%) |
Financials
| Period Ended | 31-12-2024 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|
| Assets (In Cr) | 2,172 | 1,913.5 | 1,976.8 | 818.6 |
| Revenue (In Cr) | 1,617.4 | 1,789.1 | 1,801.8 | 413.8 |
| Profit After Tax (In Cr) | -577.9 | -1,059.7 | -864.5 | -344.1 |
| Net Worth (In Cr) | 108 | 545.9 | 613.7 | 224.9 |
| Reserves and Surplus (In Cr) | 3,346.6 | 545.1 | 613.1 | 224.2 |
| Total Borrowing (In Cr) | 1,121.6 | 314.9 | 485.2 | 298.4 |
Subscription Details
IPO Bidding Live Updates from BSE, NSE
| Day | # of Share Offered | Number of Lots Offered | 28-04-2025 | 29-04-2025 | 30-04-2025 |
|---|---|---|---|---|---|
| QIB | 2,78,30,383 | 605008 | 0.00x | 0.00x | 1.76x |
| NII | 1,39,15,192 | 302504 | 0.17x | 0.28x | 0.69x |
| SNII (Below ₹10L) | 46,38,397 | 100835 | 0.12x | 0.24x | 0.60x |
| BNII(Above ₹10L) | 92,76,795 | 201669 | 0.19x | 0.30x | 0.74x |
| RII | 92,76,795 | 201669 | 0.66x | 1.20x | 1.89x |
| EMP | 1,00,000 | 2174 | 1.74x | 3.23x | 5.43x |
| Total | 5,11,22,370 | 1111356 | 0.17x | 0.30x | 1.50x |
IPO Bidding Live Number of Shares by Category
| Category | Number of Shares offered | Number of Shares Bid | Bid Amount(Rs Cr) | ||
|---|---|---|---|---|---|
| QIB | 2,78,30,383 | 4,90,60,472 | 1,574.84 | ||
| NII | 1,39,15,192 | 96,25,914 | 308.99 | ||
| Small NII | 46,38,397 | 27,84,288 | 89.38 | ||
| Big NII | 92,76,795 | 68,41,626 | 219.62 | ||
| RII | 92,76,795 | 1,75,20,112 | 562.40 | ||
| EMP | 1,00,000 | 5,42,524 | 17.42 | ||
| Total | 5,11,22,370 | 7,67,49,022 | 2,463.64 |
Company Details
- 3 rd Floor, Tower D, IBC Knowledge Park, #4/1 Bannerghatta Main Road, Bangalore 560029, Karnataka, India
+91 80 6646 5750
- cs@atherenergy.com
- http://www.atherenergy.com/
