Ather Energy’s INR 2,626 Crore IPO to Open for Subscription from April 28, 2025
Bengaluru-based EV maker Ather Energy is set to launch its much-anticipated IPO on April 28, 2025, marking the first major mainboard listing since the market entered correction phase, with an INR 2,626 crore fresh issue and an offer for sale (OFS) of 1.11 crore shares.
April 23, 2025. By Mrinmoy Dey
The IPO comprises a fresh issue of shares worth INR 2,626 crore and also includes an offer for sale (OFS) of 1.11 crore shares.
The price band has been fixed at INR 304 to INR 321 per share, with a face value of INR 1. The issue will follow the standard book-built format, allocating 75 percent to Qualified Institutional Buyers (QIBs), 15 percent to Non-Institutional Investors (NIIs), and 10 percent to retail investors. An additional 1,00,000 shares have been reserved for eligible employees, who will benefit from an INR 30 per share discount.
The IPO will remain open for public subscription from April 28 to April 30, with anchor investor bidding scheduled for Friday, April 25.
The allotment of shares is expected to be finalised by Friday, May 2, 2025. The IPO is expected to be listed on the BSE and NSE on Tuesday, May 6.
According to the Red Herring Prospectus, from the proceeds from the fresh issue, INR 927.2 crore will be used towards setting up an electric two-wheeler (E2W) factory in Maharashtra, INR 750 crore will be invested in research and development, INR 300 crore will be used in marketing activities, INR 40 crore will be used in repayment/pre-payment of borrowing and the rest will be used for general corporate purposes.
The IPO is being managed by Axis Capital, HSBC Securities, JM Financial, and Nomura Financial. MUFG Intime India has been appointed as the registrar.
Founded in 2013, Ather Energy designs and manufactures electric two-wheelers (E2Ws) and has developed a comprehensive EV ecosystem. This includes charging stations, smart dashboards, vehicle control units, and proprietary software. Most of its technology is developed in-house, although certain components such as motors and chargers are sourced externally.
In FY 2023-24, the company reported a revenue from operations of INR 1753.8 crore and a loss of INR 1059.7 crore. For the first nine-month period in FY 24-25 (Apr-December 2024), the company’s revenue from operations stood at INR 1578.9 crore and loss of INR 577.9 crore.
This is first major mainboard IPO since the market entered a correction phase. The IPO is expected to garner strong response from investors. With this IPO, Ather is looking to accelerate its growth and cement its position in India’s rapidly evolving EV market.
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