Latest IPO in India: Ather Energy Ltd, a pioneer in India’s electric two-wheeler (E2W) segment, is launching its Initial Public Offering (IPO) on April 28, 2025. The company aims to raise ₹2,980.76 crore through a mix of fresh issue and offer for sale (OFS). With its strong presence and innovation in electric mobility, this IPO is generating major interest among investors.

Company Overview

Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy is a leading electric scooter manufacturer in India. The company’s portfolio includes models like Ather 450S, 450X, and the newly launched Ather Rizta. Ather is known for its vertically integrated operations—from product design and assembly to battery packs and charging infrastructure. Their proprietary Ather Stack software powers much of their innovation.

As of December 31, 2024, Ather had sold 107,983 units for FY24 (till Q3), with a total sales volume of 109,577 in FY24. The company operates a manufacturing plant in Hosur, Tamil Nadu, with an annual capacity of 420,000 EVs and nearly 380,000 battery packs.

IPO Timeline

• Anchor Investor Bidding: April 25, 2025
• IPO Opening Date: April 28, 2025
• IPO Closing Date: April 30, 2025
• Allotment Finalization: May 2, 2025
• Refund Initiation: May 5, 2025
• Shares Credited to Demat: May 5, 2025
• Listing Date: May 6, 2025

IPO Price Band

The IPO price band for Ather Energy Ltd is ₹304 to ₹321 per equity share. The face value is ₹1 per share. The offering includes a fresh issue of ₹2,626 crore and an OFS worth ₹354.76 crore. At the upper end, the company’s post-issue valuation is expected to be around ₹11,956 crore.

Lot Size

The minimum application is for 46 shares. This means:

• Minimum investment at ₹304: ₹13,984
• Minimum investment at ₹321: ₹14,766

For high-net-worth individuals (HNI), the minimum application size is 644 shares (14 lots), requiring approx. ₹2,06,724 at the upper end.

Key Dates

• IPO Opens: April 28, 2025
• IPO Closes: April 30, 2025
• Allotment Date: May 2, 2025
• Listing Date: May 6, 2025

Financials

For the nine months ended December 2024:

• Revenue: ₹1,617.4 crore (28% YoY growth)
• Net Loss: ₹577.9 crore (narrowed by over 25%)

Growth is attributed to increased sales of the Ather Rizta and better cost efficiency.

Strengths

• Vertically integrated operations ensure quality and innovation
• Strong brand recognition in the EV segment
• Robust R&D with proprietary technology
• Expanding Ather Grid charging network

Risks

• Highly competitive EV two-wheeler market
• Dependency on third-party suppliers for parts
• Regulatory changes may impact operations
• Electric vehicle adoption curve in India still evolving

IPO Anchor Investors Details

Details of anchor investors will be released post the April 25, 2025 bidding.

IPO Promoter Holding Details

Shareholder	Pre-Issue Holding (%)	Post-Issue Holding (%)
Tarun Sanjay Mehta	6.81%	To be updated
Swapnil Babanlal Jain	6.81%	To be updated
Hero MotoCorp Limited	40.00%	To be updated
Other Shareholders	46.38%	To be updated

IPO Grey Market Premium (GMP)

Date	GMP (₹)	Estimated Listing Price (₹)
April 23, 2025	20	341
April 24, 2025	10	331
April 25, 2025	5	326

*GMP values are based on indicative market trends and may vary at listing.

Final Thoughts

Ather Energy Ltd’s IPO comes at a crucial time when India is embracing electric mobility. The company’s strong tech foundation, brand presence, and innovation pipeline make it a compelling option for investors. However, potential investors should assess risks including market competition and regulatory shifts before subscribing.

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