Ather Energy IPO: Date, Price, Overview, And GMP

Ather Energy IPO - Complete Overview

Ather Energy IPO, a Mainboard IPO, is a book-built issue of Rs. 2,980.76 Cr (9,28,58,599 Shares) by Ather Energy, incorporated in 2013. The company is an Indian electric two-wheeler (E2W) company involved in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems. 

Its core strength lies in its operation as a fully vertically integrated EV manufacturer in product and technology development. The company sold 1,07,983 and 1,09,577 E2Ws for the nine-month sales period ending December 31, 2024, and Fiscal Year 2024, respectively.

The product base of the company consists of Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform with 64 connected features by July 2024. 

Manufacturing takes place at the Hosur Factory in Tamil Nadu, which as of March 2024 had an annual installed capacity of 420,000 electric vehicles and 379,800 battery packs.

As of Feb 28, 2025, 303 registered trademarks, 201 registered designs, and 45 registered patents were claimed to belong to this company globally. In addition to these, applications are also pending for registration of 102 trademarks, 12 designs, and 303 patents.

The cornerstones of Ather's suggested strategy are: capital-efficient operations, a software-defined product ecosystem, premium market positioning, and vertically integrated design and engineering.

This new IPO is to be launched on 28 April 2025, and its ‘initial public offering’ will end on 30 April 2025.

Product Portfolio:

1. E2Ws

The Ather 450 performance scooter series and the Ather Rizta convenience scooter line, which has seven variations, are now the two product lines that make up the E2W range.

The Tankup Engineers IPO is open for application.

 

In January 2025, upgraded versions of the Ather 450 series, with performance updates including multi-mode traction control and an increase in range by up to 14% for the Ather 450X 2.9 kWh variant, together with two new color variants across the Ather 450.

 

2. Atherstack 

The Atherstack is in-house developed software, exclusively running all Ather products. As of December 31,  2024, it included 69 features covering navigation, analytics, ride assistance, safety, productivity, charging infrastructure integration, and smart accessories.

Ather Energy IPO Parent Company 

With many shareholders of this company, Hero MotoCorp holds the largest shareholdership in Ather Energy Ltd.

Ather Energy IPO Details

The Ather Energy IPO date is April 28 to April 30, 2025. The price of Ather Energy Ltd IPO is between Rs. 304 to Rs. 321 for each Share.

If you want to apply for the IPO, Click to open a Demat Account.

Ather Energy IPO Shareholder Quota Today

There is no shareholder quota mentioned in the RHP of Ather Energy Ltd.

 

Company Financial

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Revenue Breakdown

(Amount in millions)

(Source RHP)

 

Geography-wise Revenue Breakdown

 

The Objective of the Issue

• The company will need to make a capital investment in order to develop an E2W factory in Maharashtra, India.

• Repayment in full, in part, or in advance of some of the money borrowed by the business.

• Research and development expenditures.

• Expenditure towards marketing campaigns.

• To meet corporate objectives.

 

Peers of Ather Energy

Evaluation

The IPO price is between Rs. 304 to Rs. 321 per Share.

Evaluation of P/E Ratio

Since EPS is negative, PE is not applicable.

Comparative Analysis with Listed Peers

The average P/E Ratio of the industry is 38.50x.

IPO's Strengths

• Can pioneer new technologies;

• Our E2Ws are positioned at premium pricing in the E2W segments in the E2W market.

• Strong in-house research and development capabilities with a vertically integrated product design approach.

• Software-defined ecosystem with high customer engagement and margin enhancement.

• A technology platform built enables scaling and fast-paced product launch.

 

 

IPO’s Weaknesses

• Customer preferences in South India result in more than 60% of Ather's E2W sales coming from that region. Thus, any substantial interruption, such as a natural catastrophe, changes in local regulations, or socio-political unrest in a given region, will certainly increase the risk profile for this company.

• Lithium-ion cells pose risks that can arise at different levels. They are produced externally, including fire hazards and quality control, as well as price fluctuation. Any supply or safety-related issue would adversely affect Ather's operations and brand image.

• Most of the components used for EVs (not including battery packs) come from external suppliers. Therefore, any disruption of the supply chain due to delay, quality issues, or price fluctuation will impact production timelines and cause additional cost overruns.

• It has constantly operated with losses and negative cash flow from operations since its inception, having also maintained a loss-making status all this time.

 

Ather Energy IPO GMP Today

Ather Energy Limited IPO GMP is Rs. 11 as of 23 April 2025. With the price of Rs. 321, the listing price of the Ather IPO is Rs. 332 (estimated). 

Ather Energy IPO Timetable (Tentative)

The IPO date is from 28 Apr to 30 Apr, with IPO allotment on 02 May, refund initiation on 05 May, and listing on 06 May 2025.

IPO Other Details 

The IPO with a face value of Rs.1 per Share, offers an IPO size of 9,28,58,599 Shares (Rs.2,980.76 Cr) and it will be listed at BSE and NSE.

Ather Energy IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (46 Shares) amounting to Rs. 14766 and 13 Lots (598 Shares) amounting to Rs. 1,91,958, respectively, while for HNI investors, the minimum Lot is 14 (644 Shares) amounting to Rs. 2,06,724.

IPO Reservation

Promoters and Management of Ather Energy Ltd.

• Tarun Sanjay Mehta

• Swapnil Babanlal Jain

• HMCL.
  
  

IPO Lead Managers

• Axis Capital Limited

• HSBC Securities & Capital Markets Pvt Ltd.

• JM Financial Limited

• Nomura Financial Advisory And Securities (India) Pvt Ltd. 
  
  

Dividend Policy

No dividend has been paid by the company in the last three FYs.

 

Conclusion

The Ather Energy IPO provides a good opportunity to invest in a leading electric two-wheeler company with great R&D and a technology-driven approach. The company still makes losses and has heavy regional dependency and supply chain risks. The listing is expected on May 6, 2025. Investors must consider the financial risks against the growth potential before applying.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.