Ather Energy IPO
GMP, Subscription, Price, Dates & Financial Details
Ather Energy Limited is a pioneering Indian electric two-wheeler (E2W) company, founded in 2013 by Tarun Mehta and Swapnil Jain. Headquartered in Bengaluru, the company focuses on end-to-end development of electric scooters, battery packs, charging infrastructure, and software, all designed and…
Open Date
Mon, 28 Apr 2025
Close Date
Wed, 30 Apr 2025
Price Band
₹ 304 – 321
Lot Size
46
Issue Size
₹ 2,980.76 Cr
Minimum Investment
₹ 14,766 (46 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Ather Energy IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹2,980.76 Crore, comprising a fresh issue of 8.18 Crore equity shares aggregating to ₹2,626.00 Crore and an offer for sale (OFS) of 1.11 Crore equity shares aggregating to ₹354.76 Crore by the existing shareholders.
The Ather Energy IPO remained open for subscription from April 28, 2025, to April 30, 2025. The basis of allotment was finalized on May 02, 2025, and the company's shares were listed on the NSE and BSE on May 06, 2025.
The company had fixed the price band at ₹304 to ₹321 per share, with a lot size of 46 shares. Retail investors were required to make a minimum investment of ₹14,766 (based on the upper price band) to apply for one lot.
MUFG Intime India Private Limited served as the registrar to the issue. Axis Capital Limited, JM Financial Limited, Hsbc Securities & Capital Markets Pvt Ltd, and Nomura Financial Advisory And Securities (India) Pvt Ltd acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Ather Energy Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Ather Energy IPO Timeline (Tentative)
- IPO Open Date
- Mon, 28 Apr 25
- IPO Close Date
- Wed, 30 Apr 25
- Basis of Allotment
- Fri, 02 May 25
- Initiation of Refunds
- Mon, 05 May 25
- Credit of Shares to Demat
- Mon, 05 May 25
- Listing Date
- Tue, 06 May 25 — NSE & BSE
Open Date
28 April 2025
Close Date
30 April 2025
Basis Of Allotment
02 May 2025
Listing Date
06 May 2025
IPO Subscription
Check Live Subscription →The Ather Energy IPO has received bids for 7,65,36,318 shares against 5,33,63,160 shares offered, resulting in an overall subscription of 1.43x. the NII category is subscribed 0.66x, Retail Investors 1.78x, Employees 5.43x, and QIBs 1.7x. Within the NII category, BNII is subscribed 0.7x, while SNII is subscribed 0.57x.
QIB
1.7x
NII
0.66x
BNII
0.7x
SNII
0.57x
RII
1.78x
EMP
5.43x
Total
1.43x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 97,34,319 shares, representing 18.24% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 2,89,27,363 shares (54.21%), while Non-Institutional Investors (NIIs) receive 1,46,01,478 shares (27.36%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 28,927,363 | 54.21% |
| Non-Institutional | 14,601,478 | 27.36% |
| BNII | 9,734,319 | 18.24% |
| SNII | 4,867,159 | 9.12% |
| Retail Investors | 9,734,319 | 18.24% |
| Employees | 100,000 | 0.19% |
| Total | 53,363,160 | 100% |
Financials Details(₹ in Crores)
| Particular | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 2172 | 1913.5 | 1976.8 | 818.6 |
| Revenue | 1617.4 | 1789.1 | 1801.8 | 413.8 |
| Profit After Tax | -577.9 | -1059.7 | -864.5 | -344.1 |
| Net Worth | 108 | 545.9 | 613.7 | 224.9 |
| Reserve & Surplus | 3346.6 | 545.1 | 613.1 | 224.2 |
| Total Borrowings | 1121.6 | 314.9 | 485.2 | 298.4 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Ather Energy Limited KPI Information
| Particular | KPI as of Sun, Mar 31, 2024. |
|---|---|
| PbW | -194 |
Peers Comparison
No Peer Comparision Available
About Ather Energy Limited
Ather Energy Limited is a pioneering Indian electric two-wheeler (E2W) company, founded in 2013 by Tarun Mehta and Swapnil Jain. Headquartered in Bengaluru, the company focuses on end-to-end development of electric scooters, battery packs, charging infrastructure, and software, all designed and developed in-house. As a pure-play EV manufacturer, Ather emphasizes innovation, user experience, and quality, positioning its products at the premium end of the Indian E2W market. In Fiscal Year 2024, Ather sold 109,577 E2Ws, making it the third-largest E2W player in India by sales volume, according to the CRISIL Report.
Ather's product lineup includes two main scooter lines: the Ather 450 series, which is performance-focused, and the Ather Rizta series, launched in April 2024, which targets family and convenience users. The 450 was India’s first E2W to feature a touchscreen dashboard, 3G connectivity, cloud integration, and a top speed of 80 kmph. The Rizta introduced several innovations, such as voice commands via Alexa Skills, WhatsApp notifications, 56L of storage, and traction control – a first for Indian E2Ws.
The company’s technology ecosystem is anchored by Atherstack, its proprietary software platform, which powers its vehicles and integrates features like over-the-air updates, navigation, ride analytics, and safety tools. Atherstack had 64 features as of July 2024, and in FY24, 89% of owners purchased advanced features, while 61% used connected features weekly. Software revenue contributed 6% to operational revenue, and Atherstack achieved a 56% EBITDA margin.
Ather manufactures its scooters and battery packs at its Hosur factory in Tamil Nadu, with an annual capacity of 420,000 E2Ws and 379,800 battery packs as of FY24. It is also building a new plant, Factory 3.0, in Chhatrapati Sambhajinagar, Maharashtra, which will eventually increase its capacity to 1.42 million units. Its distribution model is capital-efficient and asset-light, with 208 experience centres and 191 service centres across India, and a growing presence in Nepal.
The company’s business model is built on four pillars: vertical integration, a software-defined ecosystem, premium product positioning, and capital efficiency. This approach allows Ather to control product quality, accelerate innovation, and offer a superior customer experience. The company places strong emphasis on ESG (Environmental, Social, and Governance) principles, with dedicated committees and policies promoting ethical practices, sustainability, and talent development under the Make in India initiative. Through its integrated strategy and continuous innovation, Ather aims to redefine urban mobility and lead India’s transition to electric vehicles.
Ather Energy IPO Promoters
- Tarun Sanjay Mehta
- Swapnil Babanlal Jain
- Hero MotoCorp Limited
Promoters Holding
Holding Pre Issue
54.61%
Holding Post Issue
42.09%
Ather Energy IPO Objective
Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, referred to herein as the “Objects”):
- Capital expenditure to be incurred by our Company for establishment of an E2W factory in Maharashtra, India.
- Repayment/ pre-payment, in full or part, of certain borrowings availed by our Company.
- Investment in research and development.
- Expenditure towards marketing initiatives.
- General corporate purposes.
Ather Energy Limited Address / Contact Details
Ather Energy Limited
3 rd Floor, Tower D, IBC Knowledge Park,
#4/1 Bannerghatta Main Road,
Bangalore 560029, Karnataka, India
Phone: +91 80 6646 5750
Email: cs@atherenergy.com
Website: http://www.atherenergy.com/
IPO Snapshot
Ather Energy IPO Lot Size
The Ather Energy IPO has a lot size of 46 shares. Retail investors require a minimum investment of ₹14,766 by applying for 1 lot (46 shares). The maximum application allowed for the retail category is 13 lots (598 shares), requiring an investment of ₹1,91,958.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 46 | 14,766.00 |
| Retail (Max) | 13 | 598 | 191,958.00 |
| S-HNI (Min) | 14 | 644 | 206,724.00 |
| S-HNI (Max) | 67 | 3,082 | 989,322.00 |
| B-HNI (Min) | 68 | 3,128 | 1,004,088.00 |
Issue Reservation
- QIB — 54.21%
- NII — 27.36%
- RII — 18.24%
- EMP — 0.19%
Book Running Lead Managers
- Axis Capital Limited
- JM Financial Limited
- Hsbc Securities & Capital Markets Pvt Ltd
- Nomura Financial Advisory And Securities (India) Pvt Ltd
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Ather Energy IPO?
Ather Energy IPO is a Book-building IPO with a total issue size of ₹2980.76 crore. The Ather Energy IPO price band is ₹304 to 321 per share. The Ather Energy IPO subscription opens on Mon, Apr 28, 2025, and closes on Wed, Apr 30, 2025. The Ather Energy IPO will be listed on the NSE,BSE. MUFG Intime India Private Limited is the registrar for the Ather Energy IPO.
When will the Ather Energy IPO open for subscription?
The Ather Energy IPO opens on Mon, Apr 28, 2025 and closes on Wed, Apr 30, 2025
What is Ather Energy IPO Price Band?
Ather Energy IPO Price Band is ₹304 to 321 per share.
What is Ather Energy IPO Lot Size?
Ather Energy IPO lot size is 46 shares, Retail investors need a minimum investment of ₹14766 based on the upper price band
What is the minimum investment for Ather Energy IPO?
The minimum investment for Ather Energy IPO is ₹14766, based on one lot of 46 shares at the upper price band of ₹321 per share.
How to apply for Ather Energy IPO?
Investors can apply for the Ather Energy IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Wed, Apr 30, 2025. The application amount remains blocked until the Ather Energy IPO allotment is finalized.
What is Ather Energy IPO Issue Size?
Ather Energy IPO issue size is ₹2980.76 crores.
What is the Ather Energy IPO Allotment Date?
Ather Energy IPO allotment date is Fri, May 2, 2025.
Who is the Ather Energy IPO Registrar?
The registrar for Ather Energy IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Ather Energy IPO allotment status, refund processing, and other IPO-related information.
What is the Ather Energy IPO GMP?
The Ather Energy IPO GMP (Grey Market Premium) is ₹12 as of Tue, May 6, 2025. Based on the upper price band of ₹321 per share, the estimated Ather Energy IPO listing price is ₹333, indicating a potential listing gain of approximately 3.74% over the issue price.
Who is the Ather Energy IPO Lead Manager?
The book-running lead managers (BRLMs) for the Ather Energy IPO are Axis Capital Limited, JM Financial Limited, Hsbc Securities & Capital Markets Pvt Ltd, and Nomura Financial Advisory And Securities (India) Pvt Ltd. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Ather Energy IPO Red Herring Prospectus (RHP).