Ather Energy's initial public offering (IPO) concluded on April 30, 2025, with an overall subscription of 1.43 times. The IPO comprised a fresh issue of ₹2,626 crore and an offer-for-sale (OFS) of ₹354.76 crore, totaling ₹2,981 crore. The price band was set between ₹304 and ₹321 per share, with a lot size of 46 shares.
Retail Investors: Subscribed 1.78 times
Qualified Institutional Buyers (QIBs): Subscribed 1.70 times
Non-Institutional Investors (NIIs): Subscribed 0.66 times
Employee Portion: Subscribed 5.43 times
The IPO received bids for 7,65,33,052 shares against the offer of 5,33,63,160 shares.
Allotment Finalization: May 2, 2025
Credit to Demat Accounts: May 5, 2025
Refunds for Unsuccessful Bids: May 5, 2025
Listing Date: May 6, 2025, on BSE and NSE
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As of May 1, 2025, the Grey Market Premium (GMP) for Ather Energy IPO is ₹0. This suggests that the shares are expected to list at par with the issue price of ₹321, indicating a flat listing.
Ather Energy is a prominent Indian electric vehicle (EV) manufacturer focused on designing and selling premium electric two-wheelers.1 Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain in Bengaluru, Ather Energy aims to revolutionize the electric vehicle industry in India with high-performance and smart electric scooters.2
Here's a breakdown of Ather Energy as of late April 2025:
2013: Ather Energy was founded by Tarun Mehta and Swapnil Jain, initially exploring battery solutions before focusing on building their own electric scooters.3
2014: Received early seed funding from Flipkart founders Sachin and Binny Bansal.
2016: Unveiled their first scooter, the S340, featuring a touchscreen dashboard and connected features.4
2018: Launched the Ather 450, considered India's fastest electric scooter at the time.
2019: Signed an MoU with the Government of Tamil Nadu to establish a manufacturing plant in Hosur.
2020: Launched the Ather 450X, an upgraded version of the 450.
2021: Achieved positive gross margins due to cost-cutting and strategic partnerships.
2024: Launched the Rizta series, targeting the family scooter market with features like large storage space and traction control. Achieved unicorn status with a valuation of over $1 billion in September 2024.
Early 2025: Launched the 2025 Ather 450X with some elemental revisions. Completed a reverse flip, transferring its domicile from Singapore to India, ahead of its IPO.
April 2025: Conducted its IPO (Initial Public Offering) between April 28th and April 30th, with shares scheduled for listing on May 6th.
Ather Energy designs, develops, and assembles its scooters, battery packs, and charging infrastructure in-house. Their current product lineup includes:
Ather Rizta: A family-oriented electric scooter known for its comfort and practicality.
Ather 450S: A more affordable variant in the 450 series.
Ather 450X: A high-performance smart electric scooter with advanced features.
Ather 450 Apex: The premium and highest-performing model in their lineup.
Ather Grid: A widespread fast-charging network for EVs across India.
Atherstack: A proprietary software platform offering over-the-air updates, ride statistics, and cloud integration.
Ather Connect: A suite of smart features accessible through a mobile app, including navigation, call & music control, and theft & tow alerts.
Service and Support: Comprehensive after-sales service and maintenance packages.
Accessories and Merchandise: A range of accessories, including smart helmets, and branded merchandise.
Assured Buyback: Offers up to 60% of the scooter's value back after 3 years.
Eight70™ Battery Warranty: An 8-year warranty covering battery degradation.
Ather Roadside Assistance: 24x7 emergency support.
Ather Energy has raised a total funding of $502 million across 19 rounds as of August 2024. Key investors include:
Hero MotoCorp
NIIF (National Investment and Infrastructure Fund)
Tiger Global Management
GIC (Singapore)
Sachin Bansal
Binny Bansal
As of September 4, 2024, Ather Energy's valuation stood at ₹6,000 Crore (approximately $714 million USD). However, leading up to its IPO in April 2025, the valuation was reported to be around $1.2 - $1.4 billion.
Product Expansion: Ather aims to create a "rich bouquet" of electric scooters, including more cost-effective and versatile models based on new platforms. They are also actively working on developing electric motorcycles, with potential launches in the entry and mid-level segments in the future.
Manufacturing Expansion: Proceeds from the IPO will be used to set up a new electric two-wheeler manufacturing plant in Maharashtra to increase production capacity.
Market Expansion: While initially focused on the southern market, Ather is actively expanding its presence in northern and western India, with the Rizta model proving successful in these regions. They aim to expand to over 500 cities.
R&D Focus: Continued investment in research and development to introduce innovative features and improve their existing and future product lines.
Strengthening Ather Grid: Further expansion of their fast-charging network across the country.
Exploring New Verticals: Investigating opportunities in related areas like quick-commerce delivery, leveraging their EV fleet.
Ather Energy has established itself as a significant player in the Indian EV market with its focus on innovation, performance, and building a comprehensive EV ecosystem. Its recent IPO marks a new chapter in its growth journey.
Ather Energy's IPO, totaling ₹2,981 crore, concluded with a modest overall subscription of 1.43 times, reflecting cautious investor sentiment, particularly among non-institutional investors. Retail investors and Qualified Institutional Buyers showed stronger interest, subscribing 1.78 and 1.70 times their respective quotas.
The allotment status is set to be finalized on May 2, 2025, with shares expected to be credited to successful applicants' Demat accounts by May 5. The listing on BSE and NSE is anticipated on May 6. Notably, the Grey Market Premium stands at ₹0, indicating a flat listing at the issue price of ₹321 per share. Investors can check their allotment status via the BSE or Link Intime websites using their application details.
As Ather Energy navigates the competitive electric vehicle market, the IPO proceeds are expected to bolster its manufacturing capabilities and research initiatives, positioning the company for future growth.
Ather Energy's IPO allotment status will be finalized on May 2, 2025. Investors can check their allotment through BSE or Link Intime. The IPO was subscribed 1.43 times, with a current GMP of ₹0, indicating a flat listing expected on May 6.