Ather Energy Set for Market Debut on May 6: Allotment Status and Grey Market Insights

Ather Energy, the Bengaluru-based electric two-wheeler manufacturer backed by major investors including Tiger Global, is all geared up to make its stock market debut on Tuesday, May 6. This comes shortly after the IPO allotment process was finalised, setting the stage for its much-anticipated listing.

Latest Grey Market Premium (GMP) Insights

As per market sources, the grey market premium (GMP) for Ather Energy stood at Rs 7 per share as of Monday, indicating a likely listing price of approximately Rs 328, which is 2.18% above the IPO’s upper price band of Rs 321.

This marginal premium points to tempered enthusiasm compared to initial expectations. Over the past few days, the GMP has shown a gradual decline, hinting at a muted or flat market debut for the electric vehicle maker.

Check Ather Energy IPO Allotment Status

Investors who applied for shares can now check if they have received an allotment. Those allotted shares will find them credited to their demat accounts today, May 5, while refunds to unsuccessful applicants are also being processed today.

Here’s how to check your allotment status:

Via BSE Website

• Go to: bseindia.com

• Select ‘Equity’ and then choose ‘Ather Energy Limited’

• Enter your application number and PAN

• Fill in the captcha and click ‘Submit’

Via Link Intime India (IPO Registrar)

• Visit: linkintime.co.in

• Select ‘Ather Energy’ from the dropdown menu

• Provide either PAN, application number, or demat account details

• Complete the captcha and hit ‘Submit’

Ather IPO Subscription Breakdown

Ather Energy’s IPO was open from April 28 to April 30, consisting of a fresh issue worth Rs 2,626 crore and an offer for sale (OFS) of 1.1 crore equity shares.

Overall Ather Energy’s IPO Subscription Status

• Total subscription: 1.43 times

• Retail investors: 1.78 times

• Qualified institutional buyers (QIBs): 1.70 times

• Non-institutional investors (NIIs): 0.66 times

• Employee quota: 5.43 times

How Ather Plans to Utilise IPO Funds

The proceeds from the IPO will fuel Ather’s strategic growth initiatives, to be executed between FY26 and FY28. Here's how the funds will be allocated:

Ather Energy’s Major Fund Allocation Plans

• Rs 927.2 crore: To establish a new EV manufacturing plant in Maharashtra

• Rs 50 crore: For research and development, to foster innovation

• Rs 300 crore: Dedicated to marketing and brand outreach

• Rs 40 crore: For debt repayment, strengthening the financial structure

These moves reflect Ather’s long-term vision to scale operations, enhance product offerings, and compete strongly in the growing electric vehicle market.

About Ather Energy

Ather Energy is a prominent Indian electric vehicle (EV) manufacturer focused on designing and selling premium electric two-wheelers. 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.  

Here's a breakdown of Ather Energy as of late April 2025:

Ather Energy History and Key Milestones:

• 2013: Ather Energy was founded by Tarun Mehta and Swapnil Jain, initially exploring battery solutions before focusing on building their own electric scooters.  

• 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.  

• 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 Products and Services:

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 Energy also provides:

• 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 Funding and Valuation:

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.

Ather Energy Future Plans:

• 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.