Ather Energy, one of India’s leading electric scooter makers, is all set to launch its Initial Public Offering (IPO) soon. The Ather Energy IPO will open on April 28, 2025, and close on April 30, 2025. The listing of shares is expected to take place on the BSE and NSE on May 6, 2025, while the allotment of shares is likely to be finalized by May 2, 2025.
The company aims to raise a total of ₹2,980 crore through this IPO. This includes a fresh issue of ₹2,626 crore and an Offer for Sale (OFS) of around 1.10 crore equity shares with a face value of ₹1 each.
The price band for Ather Energy IPO is set between ₹304 to ₹321 per share. As per the share reservation, retail investors will get 10%, Qualified Institutional Buyers (QIBs) will have 75%, and High Net-worth Individuals (HNIs) will get 15% of the total issue.
Financially, Ather reported a revenue of ₹1,789.1 crore in FY 2024, slightly lower than ₹1,801.8 crore in FY 2023. The company also recorded a loss of ₹863.9 crore in 2024, which is better than the ₹1,062.3 crore loss in 2023.
Considering the company’s growth potential in the electric vehicle space, many experts believe this IPO could be a good opportunity for long-term investors.
Ather Energy, founded in 2013, is one of the top companies in India’s electric two-wheeler market. It designs and develops electric scooters, battery packs, charging stations, software, and accessories, all in-house, which highlights its strong focus on quality, innovation, and sustainability.
Ather is the first electric two-wheeler brand in India to set up its own fast-charging network, known as Ather Grid, and it also offers Atherstack, a smart software platform with 64 connected features as of July 2024.
The company follows a vertically integrated model, meaning it handles everything from product design to final assembly on its own, mainly at its manufacturing facility in Hosur, Tamil Nadu, which had an annual production capacity of 4.2 lakh electric vehicles and 3.8 lakh battery packs as of March 2024.
In terms of sales, Ather sold 1,09,577 electric scooters in the financial year 2024 and 1,07,983 units in the first nine months ending December 2024. As of December 2024, Ather had a wide reach with 265 experience centres and 233 service centres in India, along with a growing presence in Nepal and Sri Lanka. Internationally, the brand had five experience centres and four service centres in Nepal, and ten experience centres with one service centre in Sri Lanka.
The company also holds strong intellectual property, with 303 registered trademarks, 201 registered designs, and 45 patents, along with several pending applications. Ather’s growth strategy is based on four key pillars: complete in-house product development, smart software integration, premium market positioning, and efficient operations. By March 2024, Ather Energy employed 2,454 people, including 1,458 permanent staff and 996 off-roll workers, showing its strong commitment to building a skilled and growing workforce.
Overview of Contents
Ather Energy IPO Overview
| IPO Detail | Information |
|---|---|
| IPO Name | Ather Energy IPO |
| IPO Opening & Closing | 28th - 30th April 2025 |
| Listing Platform | BSE and NSE |
| IPO Type | Book Built Issue |
| Face Value | ₹1 per equity share |
| Price Band | ₹304 to ₹321 per share |
| Lot Size | Will be announced soon |
| Total Issue Size | ₹2,980.73 crores (exact number of shares to be shared later) |
| Fresh Issue Size | Around ₹2,626 crores |
| Offer for Sale (OFS) | Around 1.10 crore shares (1,10,51,746 shares of ₹1 each) |
| Pre-Issue Shareholding | 29,06,43,469 shares |
| Retail Investor Quota | Not more than 10% of total IPO |
| QIB Quota | Not less than 75% of the total offer |
| HNI/NII Quota | Not more than 15% of the total offer |
Ather Energy IPO Prospectus
| DRHP Draft Prospectus (DRHP) | Click here |
| RHP Draft Prospectus (RHP) | Click here |
Ather Energy IPO Dates
| Event | Expected Date |
|---|---|
| IPO Opening Day | 28th April 2025 (Monday) |
| IPO Closing Day | 30th April 2025 (Wednesday) |
| UPI Mandate Approval Last Time | By 5:00 PM on 30-Apr-2025 |
| Basis of Allotment (Tentative) | 2nd May 2025 (Friday) |
| Refunds Begin (If Not Allotted) | 5th May 2025 (Monday) |
| Shares Credited to Demat Accounts | 5th May 2025 (Monday) |
| Stock Market Listing (Tentative) | 6th May 2025 (Tuesday) |
Ather Energy IPO Financial Information
| Financial Metric | Mar 2022 | Mar 2023 | Mar 2024 | Dec 2024 |
|---|---|---|---|---|
| Total Business Income | 413.8 | 1,801.8 | 1,789.1 | 1,617.4 |
| Total Assets | 818.6 | 1,976.8 | 1,913.5 | 2,172.0 |
| Net Loss | -344.1 | -864.5 | -1,059.7 | -577.9 |
| Equity Capital (Net) | 224.9 | 613.7 | 545.9 | 108.0 |
| Reserves & Retained Earnings | 224.2 | 613.1 | 545.1 | 3,346.6 |
| Total Loans Taken | 298.4 | 485.2 | 314.9 | 1,121.6 |
Ather Energy IPO Dates
| Investor Type | No. of Lots | Total Shares | Approx. Investment |
|---|---|---|---|
| Retail (Entry Level) | 1 Lot | 46 Shares | ₹14,766 |
| Retail (Upper Limit) | 13 Lots | 598 Shares | ₹1,91,958 |
| Small HNI (S-HNI) | 14 Lots | 644 Shares | ₹2,06,724 |
| Big HNI (B-HNI) | 68 Lots | 3,128 Shares | ₹10,04,088 |
Ather Energy FY24 IPO Valuation – Key Financial Ratios Explained in Simple Terms
| Financial Indicator | FY24 Data |
|---|---|
| 🧾 Return on Equity (ROE) | –1.83% |
| 🏭 Return on Capital Used (ROCE) | –118.68% |
| 📉 Operating Profit Margin (EBITDA) | –36% |
| 💸 Net Profit Margin (PAT) | –59% |
| ⚖️ Debt vs Equity Ratio | 0.88 |
| 📊 Basic Earnings Per Share (EPS) | –₹47 |
| 📈 Price to Earnings (P/E) Ratio | Not Applicable |
| 📉 Return on Net Worth (RoNW) | –194% |
| 💵 Net Asset Value (NAV) per Share | ₹24 |
Peer Group Comparison
| Company | EPS (₹) | P/E Ratio | RoNW (%) | NAV (₹) | Income (₹ Cr.) |
|---|---|---|---|---|---|
| Hero MotoCorp Limited | 187 | 30 | 21% | 884 | 37,788.6 |
| Bajaj Auto Limited | 273 | 40 | 29% | 935 | 44,870.4 |
| Ola Electric Mobility Ltd | (4) | N/A | (78%) | 6 | 5,009.8 |
Objects of the Issue
- 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; and
- General corporate purposes
Ather Energy IPO Review
- Swastika Investmart –
- Ventura Securities –
- Geojit –
- Reliance Securities –
- Capital Market –
- BP Wealth –
- ICICIdirect –
- Choice Broking –
- Canara Bank –
- DRChoksey FinServ –
- Emkay Global –
- Hem Securities –
- IDBI Capital –
- Marwadi Shares –
- Nirmal Bang –
- SBICAP Securities –
- Sharekhan –
- SMC Global –
- Sushil Finance –
📝 Ather Energy IPO Registrar:
- Name: MUFG Intime India Private Limited
- Phone: 📞 +91 81 0811 4949
- E-mail: ✉️ [email protected]
- Website: 🌐 https://in.mpms.mufg.com/Initial_Offer/public-issues.html
📊 IPO Lead Managers (Merchant Bankers):
- Axis Capital Limited
- HSBC Securities and Capital Markets (India) Private Limited
- JM Financial Limited
- Nomura Financial Advisory and Securities (India) Private Limited
🏢 Company Address:
- Ather Energy Limited
3rd Floor, Tower D, IBC Knowledge Park,
#4/1 Bannerghatta Main Road,
Bangalore 560 029,
Karnataka, India - Phone: 📞 +91 80 6646 5750
- Email: ✉️ [email protected]
- Website: 🌐 https://www.atherenergy.com
Ather Energy IPO FAQs
What is Ather Energy IPO?
Ather Energy IPO is a Mainboard IPO. The company is raising ₹2,980 crores via the IPO. The issue price is ₹304 to ₹321 per equity share, and the IPO will be listed on BSE and NSE.
When will Ather Energy IPO open for subscription?
The IPO opens on April 28, 2025, for QIB, NII, and Retail Investors. The IPO closes on April 30, 2025.
What is Ather Energy IPO Investor Portion?
The investors’ portion for the IPO is as follows:
- QIB: 75%
- NII: 15%
- Retail: 10%
How to apply for Ather Energy IPO?
You can apply for the Ather Energy IPO via ASBA online through your bank account or via UPI through your stock brokers. You can also apply by filling out the offline form through your stock broker.