Ather Energy IPO
Ather Energy IPO — date, price band, lot size & details 2025
Ather Energy listed on 6 May 2025 at ₹328, 2.2% above the ₹321 issue price.
Ather Energy is a pure play electric two-wheeler company that designs its scooters, batteries, software and charging network in India. It sold 109,577 electric two-wheelers in FY2024.
Stock price
Ather Energy is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 28 Apr 2025
- Close 30 Apr 2025
- Allotment 02 May 2025
- Refund/credit 05 May 2025
- Listing 06 May 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 28 to 30 Apr, 2025 |
|---|---|
| Price Band | ₹304 – ₹321 |
| Face Value | ₹1 |
| Lot Size | 46 Shares |
| Issue Size | ₹2980.76 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 30.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,766 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 46 shares at the ₹321 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 46 | ₹14,766 |
| Retail (max) | 13 | 598 | ₹1,91,958 |
| S-HNI (min) | 14 | 644 | ₹2,06,724 |
| S-HNI (max) | 67 | 3,082 | ₹9,89,322 |
| B-HNI (min) | 68 | 3,128 | ₹10,04,088 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Rs 2,626.04 crore of the Rs 2,980.76 crore issue was fresh capital for the company.
- 02The company sold 107,983 electric two-wheelers in the nine months to 31 December 2024, close to the full FY2024 count of 109,577.
- 03Net loss narrowed from Rs 1,059.70 crore in FY2024 to Rs 577.90 crore in the nine months to 31 December 2024.
- 04Rs 750.00 crore was planned for research and development and Rs 927.20 crore for a new factory in Maharashtra.
- 05The company held 45 registered patents and had applied for 303 more on 28 February 2025.
Risks · 7
- 01The company made a loss in every period shown, from Rs 344.10 crore in FY2022 to Rs 1,059.70 crore in FY2024 and Rs 577.90 crore in the nine months to 31 December 2024.
- 02The source shows the post-issue P/E as negative, so earnings cannot support the price of Rs 321.
- 03Net worth fell to Rs 108.00 crore on 31 December 2024 from Rs 545.90 crore on 31 March 2024.
- 04Total borrowing rose from Rs 314.90 crore on 31 March 2024 to Rs 521.60 crore on 31 December 2024.
- 05Return on net worth was negative at 194%.
- 06Total income fell from Rs 1,801.80 crore in FY2023 to Rs 1,789.10 crore in FY2024.
- 07Rs 354.73 crore of the issue was offer for sale, and promoter holding fell from 54.61% before the issue to 42.09% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Ather Energy offer document.
| Metric | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 2,172.00 | 1,913.50 | 1,976.80 | 818.60 |
| Total Income | 1,617.40 | 1,789.10 | 1,801.80 | 413.80 |
| Profit After Tax | -577.90 | -1,059.70 | -864.50 | -344.10 |
| NET Worth | 108.00 | 545.90 | 613.70 | 224.90 |
| Reserves and Surplus | 104.10 | 545.10 | 613.10 | 224.20 |
| Total Borrowing | 521.60 | 314.90 | 485.20 | 298.40 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Ather Energy RHP.
Where the money goes
₹2,642.20 Cr of the issue is earmarked to named objects.
Ather Energy IPO Anchor Investors
36 anchor investors across 22 fund houses committed ₹1,340.04 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company makes battery packs in-house and assembles its scooters in-house. Most other components are outsourced. The Hosur factory in Tamil Nadu had annual capacity of 420,000 electric vehicles and 379,800 battery packs in March 2024.
The company sold 107,983 electric two-wheelers in the nine months to 31 December 2024 and 109,577 in FY2024. It had 265 experience centres and 233 service centres in India on 31 December 2024, with a few more in Nepal and Sri Lanka.
Its other assets include Ather Grid, a public fast-charging network, and Atherstack, its software platform. The IPO was Rs 2,980.76 crore, with Rs 2,626.04 crore of fresh issue and Rs 354.73 crore of offer for sale.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Ather Energy IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
53 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
HSBC Securities & Capital Markets (India) Pvt. Ltd.
13 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Canara HSBC Life Insurance Co (0.0%).
Axis Capital
40 issues handledBest listing: Moneyview (+61.8%). Weakest: Clean Max Enviro Energy Solutions (-8.8%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
3 issues handledBest listing: Anthem Biosciences (+26.9%). Weakest: Kalpataru (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Ather Energy?
The current Grey Market Premium is ₹13, or 4% over the issue price.
What is the Ather Energy IPO price band?
₹304 to ₹321, on a face value of ₹1.
When is the allotment?
The basis of allotment is 2 May 2025, with listing on 6 May 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
