Ather Energy was incorporated on October 21, 2013. The company operates in the Indian electric two-wheeler market. It designs and develops E2Ws, battery packs, charging infrastructure, software, and accessories, and handles battery pack manufacturing and E2W assembly in-house.
| Bidding Dates |
|---|
| 28 Apr 2025 - 30 Apr 2025 |
| Subscription |
|---|
| 1.43x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,984 | 1 | 13 | 46 | 92.9 M | ₹304 - ₹321 | 42.09 % | ₹28229.0 M - ₹29807.6 M | RHP DOC |
Ather Energy IPO SUBSCRIPTION STATUS
30 Apr '25Ather Energy IPO overall subscription rate was 1.43 times the total available shares
Ather Energy IPO retail subscription rate was 1.78 times in the retail segment
Ather Energy IPO non-institutional investor subscription rate was 0.66 times in the non-institutional investor category
Ather Energy IPO Qualified Institutional Bidder subscription rate was 1.7 times the available shares for Qualified Institutional Bidder
Ather Energy IPO Employees subscription rate was 5.43 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - |
30 Apr 2025 (Day 3) | 1.78x | 0.66x | 1.7x | 5.43x |
29 Apr 2025 (Day 2) | 1.12x | 0.27x | 0x | 3.18x |
28 Apr 2025 (Day 1) | 0.63x | 0.16x | 0x | 1.78x |
Ather Energy FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 9MFY25 | -5,779.0 | 15,789.0 | -7,171.0 | -9,806.0 | -23.0% |
| 9MFY24 | -7,764.0 | 12,304.0 | -5,763.0 | -6,522.0 | -34.0% |
| FY24 | -10,597.0 | 17,538.0 | -2,676.0 | -3,832.0 | -36.0% |
| FY23 | -8,645.0 | 17,809.0 | -8,713.0 | -10,011.0 | -38.0% |
| FY22 | -3,441.0 | 4,089.0 | -2,284.0 | -3,006.0 | -62.0% |
Ather Energy IPO SUBSCRIPTION STATUS DETAILS
Ather Energy had 92.9 M shares on offer
Ather Energy IPO offer price was in the range ₹304 - ₹321
Ather Energy IPO minimum Investment was ₹13984
Ather Energy IPO issue size was ₹ 28229.0 M - ₹ 29807.6 M
Ather Energy had a minimum lot size of 46 Shares per application
Ather Energy NUMBER OF SHARES ON OFFER
Ather Energy IPO IMPORTANT DATES
| Issue Open Date | 28 Apr 2025 |
| Issue close Date | 30 Apr 2025 |
| Allotment Date | 02 May 2025 |
| Refund Date | 05 May 2025 |
| Demat Account Credit Date | 05 May 2025 |
| Listing Date | 06 May 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Ather Energy Allotment Status | Exchange/ Registrar |
Ather Energy IPO subscription opened on 28 Apr 2025, and closed on 30 Apr 2025
IPO allotment for Ather Energy was finalized on Friday, 02 May 2025
IPO listing for Ather Energy was on NSE and BSE on Tuesday, 06 May 2025
Ather Energy IPO LISTING GAINS
| Issue Price (adjusted) | 321.0 |
| Listing Open Price | 328.0 |
| Listing Close Price | 302.3 |
| Listing Gain% | 2.2% |
| Current Gain% | 361.5% |
Ather Energy Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ather Energy Ltd. | 1481.5 | 55178.5 | -149.9 | -2.9 | 13.8 | -20.1 | -11 | 3823.1 | 65.8 | -517.2 | 36.3 | -9.9 | 51.7 |
| Bajaj Auto Ltd. | 11662 | 325950.3 | 27.7 | 0.5 | 4.6 | 27.7 | 13.9 | 65087.2 | 24 | 10744.2 | 46.7 | 420.7 | 54.9 |
| Eicher Motors Ltd. | 8020 | 220162.6 | 38.1 | 2 | 8.8 | 22 | 17.1 | 24894.1 | 23.4 | 5515.2 | 16.5 | 210.3 | 19.3 |
| TVS Motor Company Ltd. | 4440.9 | 210981.4 | 61.6 | 1.4 | 3.5 | 31.6 | 5.3 | 56091.5 | 27 | 3018.3 | 35 | 72.1 | 43.7 |
| Hero MotoCorp Ltd. | 5725 | 114580.8 | 21 | 2.6 | 2.3 | 26.6 | 17.2 | 48469.4 | 15.5 | 5741.7 | 31.1 | 272.2 | 8.2 |
| Ola Electric Mobility Ltd. | 41.1 | 19008.9 | -10.9 | -0.4 | 10.1 | -54.7 | -23.5 | 2460 | -50.1 | -1833 | 19.5 | -3.8 | 26.1 |
Ather Energy INFORMATION ON IPO ISSUE
About Ather Energy
Ather Energy was incorporated on October 21, 2013. The company operates in the Indian electric two-wheeler market. It designs and develops E2Ws, battery packs, charging infrastructure, software, and accessories, and handles battery pack manufacturing and E2W assembly in-house.
Object of the Issue
- Capital expenditure to be incurred by the company for the establishment of an E2W factory in Maharashtra, India.
- Repayment/ pre-payment, in full or part, of certain borrowings availed by the company.
- Investment in research and development.
- Expenditure towards marketing initiatives.
- General corporate purposes.
Ather Energy - PROMOTERS
| Name |
|---|
| Tarun Sanjay Mehta |
| Swapnil Babanlal Jain |
| Hero MotoCorp Limited |
Ather Energy Book running lead manager
Axis Capital Limited
atherenergy.ipo@axiscap.in
JM Financial Limited
atherenergy.ipo@jmfl.com
Nomura Financial Advisory and Securities (India) Private Limited
atheripo@nomura.com
Ather Energy Strengths
Ability to pioneer new technologies
The electrification of the two-wheeler industry accelerated with the launch of high-speed electric two-wheelers (E2Ws). The company entered the market in 2018 with the Ather 450 model and has been a pioneer in the Indian E2W industry, according to the CRISIL Report
Software-defined ecosystem
Powered by the in-house developed Atherstack, the company's software-defined ecosystem aims to improve user experience and drive customer engagement
Scalable technology platform
The company’s technology platform, including the battery, powertrain, electronics, chassis, and Atherstack, supports its entire product lineup. Scooters based on the 450 platform have covered 3.2 billion kilometres since their launch
Ather Energy Risks
Limited operating history
The company was incorporated in 2013 and launched its first electric two-wheeler, the Ather 450, in June 2018. With its limited operating history, there is little past information to judge its ability to develop, manufacture, and deliver E2Ws and components, or to predict future profitability
Dependent on EV demand
Demand for the company's electric two-wheelers (E2Ws) and services depends heavily on the overall demand for electric vehicles (EVs) in the Indian market, especially E2Ws
Competitiveness
The company competes with both electric two-wheeler manufacturers and traditional automotive companies in the highly competitive Indian automotive industry. There is no guarantee that it will succeed in competing within India or in other markets it may enter
IPO FAQs
This IPO consists of an offer for sale of up to Rs 354.8 crore, of 11,051,746 shares. It also consists of a fresh issue of Rs 2,626.0 crore.
The promoters of the company are Tarun Sanjay Mehta, Swapnil Babanlal Jain and Hero MotoCorp Limited.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 304.0 - 321.0.
The IPO application opens on Apr 28, 2025 and closes on Apr 30, 2025.
The minimum lot size for the IPO is 46. The maximum lot size for the IPO is 598.
For all category investors, the minimum application amount for this IPO is Rs. 13,984.0, the maximum value for this IPO is Rs 191,958.0.
This IPO will be allotted on May 02, 2025.
The refund will be credited to your account on May 05, 2025.
The allotted shares will be credited to your demat on May 05, 2025.
Ather Energy Ltd.’s shares listed on the stock exchanges on May 06, 2025.