In a strong endorsement of its prospects in India’s fast-evolving electric mobility landscape, Bengaluru-based Ather Energy anchor investors round has raised INR 1,340 crore from a robust set of 36 anchor investors, ahead of its upcoming INR 2,981-crore initial public offering (IPO). The anchor allocation signals deep institutional confidence in the electric two-wheeler (E2W) company’s growth ambitions.
The IPO will open for public subscription from 28 – 30 April 2025, marking the first major mainboard issue of the financial year 2025–26.
Ather Energy Anchor Book Details: Who’s Betting on Ather?
According to the company’s filing with the BSE and NSE, Ather Energy allotted 4,17,45,576 equity shares at the upper end of the price band, INR 321 per share, to a prestigious roster of domestic and international investors.
Some of the prominent global names include:
- Custody Bank of Japan
- Franklin Templeton (via multiple emerging market-focused funds)
- Abu Dhabi Investment Authority (ADIA)
- Morgan Stanley Investment Management
- Eastspring Investments
- Société Générale
- BNP Paribas Financial Markets
- Pacific Investment Management Co. (PIMCO)
Significantly, about 49.6% of the anchor book was allocated to seven major domestic mutual funds, notably:
- SBI Mutual Fund
- Aditya Birla Sun Life Mutual Fund
- ICICI Prudential Mutual Fund
- Invesco India
- ITI Mutual Fund
- Union Mutual Fund
- Tata Investment Corporation
Collectively, these domestic mutual funds participated through 14 distinct schemes, highlighting strong local institutional interest.
“Ather Energy has not just attracted marquee global capital but has firmly established itself as a favorite among domestic institutions — a critical factor for long-term stability post-listing,” remarked a senior fund manager involved in the anchor process.
📋 Full List of Ather Energy Anchor Investors
| No. | Anchor Investor | Shares Allotted | Investment Amount (INR crore) |
|---|---|---|---|
| 1 | SBI Small Cap Fund | 74,76,656 | 240.00 |
| 2 | SBI Multicap Fund | 21,80,676 | 70.00 |
| 3 | Custody Bank of Japan Ltd (RB) | 28,03,746 | 90.00 |
| 4 | Aditya Birla Sun Life Flexi Cap Fund | 51,71,366 | 166.00 |
| 5 | Templeton International Emerging Profile Fund | 4,35,578 | 13.98 |
| 6 | Franklin Templeton – Profile Emerging Markets Pool | 1.92,418 | 6.18 |
| 7 | Templeton Emerging Markets Fund | 1,75,076 | 5.62 |
| 8 | Templeton Emerging Markets Investment Trust PLC | 2,65,778 | 8.53 |
| 9 | Franklin Templeton Investment Funds – Templeton BRIC Fund | 2,00,079 | 6.42 |
| 10 | Franklin Templeton Emerging Markets UMD Fund | 6,23,300 | 20.00 |
| 11 | Franklin Templeton Developing Markets Trust | 10,23,362 | 32.84 |
| 12 | Templeton Emerging Markets VIP Fund | 2,06,862 | 6.64 |
| 13 | Abu Dhabi Investment Authority – Monsoon | 31,15,304 | 100.00 |
| 14 | ICICI Prudential Transportation and Logistics Fund | 9,35,858 | 30.00 |
| 15 | ICICI Prudential Flexicap Fund | 3,11,558 | 10.00 |
| 16 | Prudential Hong Kong Limited (Eastspring Active Growth Fund) | 28,69,234 | 79.26 |
| 17 | Eastspring Investments – Asia Pacific Equity Fund | 6,46,070 | 20.74 |
| 18 | Invesco India Smallcap Fund | 21,80,676 | 70.00 |
| 19 | Invesco India ELSS Tax Saver Fund | 6,23,024 | 19.99 |
| 20 | Invesco India Largecap Fund | 3,11,604 | 10.00 |
| 21 | Morgan Stanley Investment Funds (Global) | 3,28,854 | 10.56 |
| 22 | Morgan Stanley India Investment Fund, Inc. | 5,59,038 | 17.95 |
| 23 | MSIM Asia Pacific Fund | 2,00,000 (approx) | 6.42 (approx) |
| 24 | Aditya Birla Sun Life Insurance | 24,92,234 | 80.00 |
| 25 | TOCU Europe II SARL | 8,87,892 | 28.50 |
| 26 | Helios Flexi Cap Fund | 6,99,798 | 22.46 |
| 27 | Helios Mid Cap Fund | 16,744 | 0.53 |
| 28 | Can Lah Investments PTE Ltd | 5,29,598 | 17.00 |
| 29 | 1 Value Fund | 62,330 | 2.00 |
| 30 | ITI Flexi Cap Fund | 3,42,654 | 10.99 |
| 31 | ITI Bharat Consumption Fund | 62,330 | 2.00 |
| 32 | Weston Innovation & Opportunities Fund | 3,11,558 | 10.00 |
| 33 | Tata Investment Corporation Limited | 3,11,558 | 10.00 |
| 34 | Subhkam Ventures Pvt Ltd | 4,67,798 | 15.01 |
| 35 | Société Générale | 3,11,558 | 10.00 |
| 36 | BNP Paribas Financial Markets | 3,11,558 | 10.00 |
Ather Energy IPO Structure
The INR 2,981 crore IPO structure comprises:
- Fresh issue of INR 2,626 crore, and
- Offer-for-sale (OFS) of 1.1 crore equity shares by existing investors and promoters.
At the upper price band of INR 321 per share, Ather Energy is seeking a post-money valuation of INR 11,956 crore.
The funds raised from the fresh issue will predominantly be used for:
- Setting up a new greenfield manufacturing facility in Aurangabad, Maharashtra.
- Reducing existing debt obligations, strengthening the balance sheet.
The move toward Maharashtra complements the company’s strategy to expand capacity and meet the rising demand for premium electric two-wheelers across India.
Ather Energy – Overview
Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy has come a long way from being a small startup to being one of the big players in India’s EV space.
Backed by marquee investors like Hero MotoCorp, Tiger Global and Flipkart co-founders, Ather was one of the early ones to focus on high-performance, smart electric scooters — a segment that’s now going mainstream.
Ather’s popular models like 450X and the recently launched Ather Rizta have got rave reviews for design, performance and technology.
Apart from manufacturing, Ather has also developed its proprietary Ather Grid — a nationwide fast-charging network for EVs, a big differentiator in a crowded market.
Financial Performance
While Ather Energy remains loss-making, its financial metrics are improving:
- Revenue for 9 months ended 31 Dec 2024: INR 1,578.9 crore (up from INR 1,230.4 crore YoY)
- Loss narrowed to INR 577.9 crore for the same period (compared to INR 776.4 crore a year earlier).
These figures reflect a business moving closer toward operating leverage as scale improves.
The broader IPO market has remained cautious after a turbulent 2024, marred by geopolitical tensions and volatile foreign inflows. Yet Ather’s successful anchor round demonstrates that well-positioned EV stories still command a premium among investors.
Ather Energy IPO follows in the footsteps of Ola Electric, which raised INR 6,145 crore last year, though Ather has emphasized its technology-centric, premium-focused approach as a differentiator from volume-led competitors.
Ather Energy IPO Allotment and Timeline
- Issue opens: 28 April 2025
- Issue closes: 30 April 2025
- Allotment date (expected): 2 May 2025
- Listing date: 6 May 2025
The equity shares will be listed on both BSE and NSE.
Book-running lead managers include:
- Axis Capital
- JM Financial
- Nomura Financial Advisory and Securities India
- HSBC Securities and Capital Markets
Ather Energy: Future Outlook
With India’s electric two-wheeler penetration still in single digits, Ather stands at the cusp of a major growth cycle. Government incentives under FAME II and state-level subsidies continue to favor EV adoption, though future subsidy rollbacks could test market elasticity.
Ather’s focus on premium vehicles, intelligent design, and R&D investment positions it strongly against not only homegrown competitors like Ola Electric and TVS iQube but also new international entrants eyeing India.
The upcoming Maharashtra plant and a sharpened financial profile post-IPO could equip Ather to double down on growth over the next 3–5 years.
Conclusion
Ather Energy’s INR 1,340 crore anchor round success, underpinned by a mix of global institutional stalwarts and trusted Indian mutual funds, sends a resounding message to the market:
Despite near-term macro challenges, investors are willing to back innovative, future-ready companies with a strong product-market fit in India’s evolving mobility sector.
If public demand mirrors institutional appetite, Ather’s IPO could well become one of the defining capital market events of 2025.