| Ather Energy’s Comparison with Competitors | Ather Energy IPO: 10 Key Points | Ather Energy IPO Subscription | Ather Energy IPO Allotment |
Ather Energy IPO Description – Ather Energy is a leading innovator in the Indian electric two-wheeler (E2W) market, recognized for its pioneering approach to electric mobility. The company designs and develops E2Ws, battery packs, charging infrastructure, associated software, and accessories. It manufactures battery packs and assembles E2Ws in-house, ensuring complete control over quality and innovation. Founded in 2013 by Tarun Sanjay Mehta and Swapnil Babanlal Jain, Ather Energy emphasizes indigenous product and technology development to establish a robust E2W ecosystem. As a pure-play EV company, Ather designs all its products from the ground up in India, reflecting its commitment to local innovation and sustainability.
As of 31 December 2024, Ather Energy sold 1,07,983 electric two-wheelers (E2Ws), establishing itself as the third-largest player in the Indian E2W market by sales volume. Ather Energy’s electric two-wheelers (E2Ws) are complemented by a comprehensive product ecosystem that includes charging infrastructure, accessories, and the Atherstack, its proprietary software that powers its products. The company was the first two-wheeler (2W) OEM in India to establish a fast-charging network, branded as the Ather Grid. As of 31 December 2024, the Atherstack boasted 69 unique features.
Ather Energy assembles E2Ws and manufactures battery packs at its Hosur factory. As of 31 December 2024, the facility had an installed production capacity of 4,20,000 E2Ws and 3,79,800 battery packs annually. The company is expanding its battery pack manufacturing capacity at the Hosur factory to produce 5,31,120 units per year.
Promoters of Ather Energy – Tarun Sanjay Mehta, Swapnil Babanlal Jain, and Hero MotoCorp Limited
Table of Contents
Ather Energy IPO Details
| Ather Energy IPO Dates | 28 – 30 April 2025 |
| Ather Energy Issue Price | INR 304 – 321 per share Employee Discount – INR 30 per share |
| Fresh issue | INR 2,626 crore |
| Offer For Sale | 1,10,51,746 shares (INR 335.97 – 354.76 crore) |
| Total IPO size | INR 2,961.97 – 2,980.76 crore |
| Minimum bid (lot size) | 46 shares (INR 14,766) |
| Face Value | INR 1 per share |
| Retail Allocation | 10% |
| Shareholder Reservation | Nil |
| Listing On | NSE, BSE |
Ather Energy Financial Performance
| FY 2022 | FY 2023 | FY 2024 | 9M FY 2025 | |
| Revenue | 408.9 | 1,780.9 | 1,753.8 | 1,578.9 |
| Expenses | 757.9 | 2,666.3 | 2,674.2 | 2,195.3 |
| Net income | (344.1) | (864.5) | (1,059.7) | (577.9) |
| Margin (%) | (84.15) | (48.54) | (60.42) | (36.60) |
Ather Energy Offer News
Ather Energy Valuations & Margins
| FY 2022 | FY 2023 | FY 2024 (Pre Issue) | FY 2025 (Post-Issue)* | |
| EPS | (11.84) | (29.75) | (36.47) | (20.69) |
| PE Ratio | – | – | – | – |
| FY 2022 | FY 2023 | FY 2024 | |
| RONW (%) | (153.0) | (141.0) | (194.0) |
| NAV | 7.74 | 21.12 | 18.79 |
| ROCE (%) | (85.02) | (69.94) | (118.68) |
| EBITDA (%) | (62.0) | (38.0) | (36.0) |
| Debt/Equity | 1.62 | 1.09 | 0.88 |
Ather Energy IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
| 5 May 2025 | 0 | – | – |
| 3 May 2025 | 3 | – | – |
| 1 May 2025 | 3 | – | – |
| 30 April 2025 | 3 | – | – |
| 29 April 2025 | 3 | – | – |
| 28 April 2025 | 5 | – | – |
| 26 April 2025 | 5 | – | – |
| 25 April 2025 | 5 | – | – |
| 23 April 2025 | 20 | – | – |
Ather Energy IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Capital expenditure to be incurred by the company for the establishment of an E2W factory in Maharashtra – INR 927.2 crore
- Repayment/ pre-payment, in full or part, of certain borrowings availed by the company – INR 40 crore
- Investment in research and development – INR 750 crore
- Expenditure towards marketing initiatives – INR 300 crore
- General corporate purposes
Ather Energy – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Ather Energy | – | (36.47) | (194) | 18.79 | 1,753.8 |
| Hero MotoCorp | 20 | 187 | 21 | 884 | 37,788.6 |
| Bajaj Auto | 29 | 273 | 29 | 935 | 44,870.4 |
| Ola Electric | NA | (4) | (78) | 6 | 5,009.8 |
| TVS Motors | 68 | 36 | 26 | 143 | 39,144.7 |
Ather Energy IPO Dates & Listing Performance
| IPO Opening Date | 28 April 2025 |
| IPO Closing Date | 30 April 2025 |
| Finalization of Basis of Allotment | 2 May 2025 |
| Initiation of refunds | 5 May 2025 |
| Transfer of shares to demat accounts | 5 May 2025 |
| Ather Energy IPO Listing Date | 6 May 2025 |
| Opening Price on NSE | INR 328 per share (up 2.18%) |
| Closing Price on NSE | INR 302.30 per share (down 5.83%) |
Ather Energy IPO Reviews – Subscribe or Avoid?
Angel One –
Anand Rathi –
Aditya Birla Capital – Avoid
Bajaj Broking – Subscribe for long term
Arihant Capital – Subscribe
Axis Capital – Not rated
Ashika Research –
BP Wealth – Avoid
Capital Market – Neutral
Canara Bank Securities – Neutral
Choice Broking –
Dalal & Broacha –
Elara Capital –
Elite Wealth – Not rated
GCL Broking –
Geojit –
GEPL Capital – Avoid
Hem Securities – Neutral
Hensex Securities –
HDFC Securities –
ICICIdirect – Not rated
IDBI Capital – Not rated
Nuvama Wealth – not rated
Indsec Securities –
Jainam Broking – Subscribe for long term
KR Choksey –
LKP Research –
Marwadi Financial –
Motilal Oswal –
Mehta Equities – Subscribe for long term
Nirmal Bang –
Reliance Securities –
Sushil Finance –
Samco Securities – Avoid
SBI Securities – Avoid
SMC Global – 1.5/5
SMIFS –
Systematix Research –
Swastika Investmart –
Ventura Securities – Subscribe for listing gains
Ather Energy Offer Lead Manager
AXIS CAPITAL LIMITED
1st Floor, Axis House C-2 Wadia International Center
Pandurang Budhkar Marg, Worli Mumbai – 400 025 Maharashtra
Phone: +91 22 4325 2183
Email: [email protected]
Website: www.axiscapital.co.in
Ather Energy Offer Registrar
MUFG INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: [email protected]
Website: https://in.mpms.mufg.com/
Ather Energy Contact Details
ATHER ENERGY LIMITED
13th Floor, Tower D, IBC Knowledge Park, #4/1
Bannerghatta Main Road, Bangalore 560 029, Karnataka
Phone: +91 80 6646 5750
Email: [email protected]
Website: www.atherenergy.com
Ather Energy IPO FAQs
How many shares in Ather Energy IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply for Ather Energy Public Offer?
The best way to apply for Ather Energy public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Ather Energy IPO GMP today?
Ather Energy IPO GMP today is INR NA per share.
What is Ather Energy’s kostak rate today?
Ather Energy’s kostak rate today is INR NA per application.
What is Ather Energy Subject to Sauda rate today?
Ather Energy Subject to Sauda rate today is INR NA per application.