Ather Energy IPO
Amaan Khan | April 22, 2025
Ather Energy is all set to launch its IPO on April 28, 2025, and it will remain open for subscription till April 30, 2025. This is a Book Built Issue, where the company aims to raise around ₹3,100.00 crores through a fresh issue, along with an offer for sale of up to 2,20,00,766 equity shares, each having a face value of ₹1.
The price band for the IPO has been set at ₹304to ₹321 per share (assumed example – feel free to update if actual values are released). The allocation for investors is divided as follows:
Retail investors: 10%
Qualified Institutional Buyers (QIB): 75%
High Net-worth Individuals (HNI): 15%
Ather Energy is expected to list on both BSE and NSE on May 5, 2025, and the IPO allotment is likely to be finalized by May 1, 2025.
Looking at the company’s financials, Ather reported a revenue of ₹1,789.1 crores in FY 2024, which is slightly down from ₹1,801.8 crores in FY 2023. However, the losses also came in high, with ₹863.9 crores in FY 2024, compared to a loss of ₹1,062.3 crores in FY 2023.
While the company is still in the red, Ather Energy operates in the fast-growing EV space, and many experts believe that the IPO could be a good opportunity for long-term investors who believe in the EV growth story.
Ather Energy IPO details
| IPO Open Date: | 28-Apr-25 |
|---|---|
| IPO Close Date: | 30-Apr-25 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹ 304 to ₹ 321 |
| Issue Size: | ₹2,980.73 Crores |
| Fresh Issue: | Approx ₹3,100 Crores |
| Offer for Sale: | Approx 2,20,00,766 Equity Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE & NSE |
| Retail Quota: | Not more than 10% |
| QIB Quota: | Not more than 75% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
ATHER ENERGY 's IPO LOT SIZE
The Ather Energy IPO minimum market lot is [46] shares with ₹[14766] application amount. The retail investors can apply up-to 13 lots with [598] shares of ₹[191958] amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 46 | 14766 |
| Retail Maximum | 13 | 598 | ₹1,91,958 |
| S-HNI Minimum | 14 | 644 | ₹2,06,724 |
| B-HNI Minimum | 68 | 3,128 | ₹10,04,088 |
Ather Energy IPO Dates
The Ather Energy IPO date is 28 April and the close date is 30 April. The Ather Energy IPO allotment will be finalized on 1 May and the IPO listing on 5 May
| IPO Open Date: | 28-Apr-25 |
|---|---|
| IPO Close Date: | 30-Apr-25 |
| IPO Listing Date: | 5-May-25 |
| Refunds: | 2-May-25 |
| Credit to Demat Account: | 2-May-25 |
| Basis of Allotment: | 1-May-25 |
About prormoters & Ather energy
The promoters of the company are Tarun Sanjay Mehta, Swapnil Babanlal Jain And Hero Motocorp Limited.
Ather Energy is one of the leading names in India’s electric two-wheeler (E2W) space. Known for its cutting-edge technology and focus on sustainability, Ather designs and manufactures high-performance electric scooters, battery packs, charging infrastructure, and related software — all right here in India.
What truly sets Ather apart is its end-to-end in-house approach. From building battery packs to assembling electric scooters, the company ensures top-notch quality and constant innovation at every step. It’s a true “Make in India” brand driving the future of clean mobility.
Ather was also the first two-wheeler EV OEM in India to roll out a dedicated fast-charging network — the Ather Grid. This growing network is helping make EV adoption smoother and more convenient across the country.
So far, Ather has sold over 1,09,577 electric scooters, solidifying its position as a frontrunner in India’s shift towards electric mobility.
Finance Report
In terms of financials, Ather Energy reported a revenue of ₹1,789.1 crores in FY 2024, slightly lower than the ₹1,801.8 crores recorded in FY 2023. The company’s net loss stood at ₹863.9 crores in 2024, which is an improvement compared to a loss of ₹1,062.3 crores in the previous year, indicating progress toward reducing its operational deficits.
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹413.8 | ₹757.9 | ₹344.6 | ₹818.6 |
| 2023 | ₹1,801.8 | ₹2,666.3 | ₹863.9 | ₹1,976.8 |
| 2024 | ₹1,789.1 | ₹2,674.2 | ₹1,062.3 | ₹1,913.5 |
Some important ratio of FY 2024
Check the key valuation details of Ather Energy IPO, like Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV).
| KPI | Values |
|---|---|
| ROE: | –1.83% |
| ROCE: | -118.68% |
| EBITDA Margin: | -36% |
| PAT Margin: | -59% |
| Debt to equity ratio: | 0.88 |
| Earning Per Share (EPS): | –₹47 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | -194% |
| Net Asset Value (NAV): | ₹24 |
Peer group company
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Ola Electric Mobility Limited | -4 | NA | -78% | 6 | 5,009.8 Cr. |
| Eicher Motors Limited | 146 | 33 | 22% | 657 | 16,535.8 Cr. |
| Hero MotoCorp Limited | 187 | 30 | 21% | 884 | 37,788.6 Cr. |
| TVS Motors Limited | 36 | 78 | 26% | 143 | 39,144.7 Cr. |
| Bajaj Auto Limited | 273 | 40 | 29% | 935 | 44,870.4 Cr. |
Object of IPO
The funds raised from the IPO will be used for several key purposes, including:
Setting up a new electric two-wheeler (E2W) factory in Maharashtra
Repaying or prepaying some of the company’s existing loans
Investing in research and development (R&D)
Spending on marketing and brand promotion
Covering general business needs and operations
Ather Energy (IPO)registrar
MUFG Intime India Private Limited
Phone: +91 81 0811 4949
E-mail: atherenergy.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.htmlr
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: cs@atherenergy.com
Website: www.atherenergy.com