Ather Energy IPO Price: ₹304 to ₹321 per share
IPO Dates: 28 April 2025 – 30 April 2025
Company Overview
Founded on October 21, 2013, Ather Energy is headquartered in Bangalore, Karnataka. The company has rapidly emerged as a key player in India’s electric two-wheeler (E2W) market. As of the April–December period of fiscal year 2025, Ather ranked as the fourth-largest E2W manufacturer in India by sales volume, following Ola, TVS, and Bajaj.
Key Milestones & Innovations
- Firsts in the Industry:
Ather introduced India’s first high-speed electric scooter, the Ather 450 in 2018, with a top speed of 80 kmph—then the highest in its category. It also pioneered:- Touchscreen dashboard with navigation
- Cloud integration via 3G SIM
- Fast charging, OTA updates, ride stats on app
- Smart helmet (Halo)
- Fall safe and traction control features
- AtherStack: The company’s proprietary software ecosystem powers features like traction control, OTA updates, and more, making their scooters smart and connected.
Product Line-Up
In 2024, Ather Energy introduced a new electric scooter model called ‘Rizta’, aimed specifically at the family segment. Designed for comfort and convenience, Rizta comes with a large, spacious seat and offers up to 56 litres of storage—one of the largest in its category. The scooter also includes connected features such as WhatsApp notifications on the dashboard and Alexa voice command integration, enhancing its appeal for tech-savvy users.
Most notably, Rizta comes equipped with traction control, a segment-first feature in the Indian electric two-wheeler market. Thanks to this thoughtful feature set, Rizta was honored with the Autocar Electric 2W of the Year Award 2025.
Sales & Network
Ather Energy recorded an impressive 39.3% year-on-year sales growth in FY24, surpassing the 1 lakh unit milestone for the first time. In the first nine months of FY25 (April to December), the company sold 90,351 units, reflecting a 25% increase compared to 71,973 units sold during the same period in FY24.
To support its expanding customer base, Ather has built a widespread retail footprint with 265 Experience Centres (ECs) across India. It has also expanded internationally, operating 5 ECs in Nepal and 10 in Sri Lanka. Of the total 280 ECs, 3 are Company-Owned and Company-Operated (COCO) outlets, ensuring direct customer engagement and brand consistency.
Infrastructure & Warranty
Ather has developed a robust charging ecosystem under the Ather Grid brand. As of December 2024, the company operates 2,583 fast chargers across India, with additional presence in Nepal (22 units) and Sri Lanka (11 units). It has also introduced neighbourhood charging options, allowing users to charge their vehicles in shared private spaces, making EV ownership more convenient.
In terms of safety and innovation, Ather has launched two smart helmets under the ‘Halo’ brand, including a lightweight version called ‘Halo Bit’. These helmets are designed to enhance rider safety while offering seamless connectivity features.
The company also offers a comprehensive warranty through its Propack bundle. This includes the Ather Battery Protect plan, which extends the standard 3-year manufacturer warranty to 5 years, offering customers added peace of mind on battery life and performance.
Competitive Strengths
- Strong in-house R&D and vertically integrated product design
- Premium brand positioning in the E2W segment
- Scalable, software-driven platform enabling fast product innovation
- Efficient operations and solid corporate governance
- Backed by experienced leadership and long-term investors
Bidding Starts In
Ather Energy IPO Specifics:
| IPO Date | April 28, 2025 to April 30, 2025 |
| Listing Date | Tuesday, May 6, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹304 to ₹321per share |
| Lot Size | 46 Shares |
| Total Issue Size | 9,28,58,599 shares (aggregating up to ₹2,980.76 Cr) |
| Fresh Issue | 8,18,06,853 shares (aggregating up to ₹2,626.00 Cr) |
| Offer For Sale | 1,10,51,746 shares (aggregating up to ₹354.76 Cr) |
| Employee Discount | ₹30 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 29,06,43,469 shares |
| Share Holding Post Issue | 37,24,50,322 shares |
Ather Energy IPO Timetable (Important Dates)
| IPO Open Date | Monday, April 28, 2025 |
| IPO Close Date | Wednesday, April 30, 2025 |
| Basis of Allotment | Friday, May 2, 2025 |
| Initiation of Refunds | Monday, May 5, 2025 |
| Credit of Shares to Demat | Monday, May 5, 2025 |
| Listing Date | Tuesday, May 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 30, 2025 |
Ather Energy IPO Lot Size
Bidders have the opportunity to bid for a minimum of 46 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
Ather Energy IPO Reservation
| QIB Shares Offered | Not more than 75% of the Net offer |
| Retail Shares Offered | Not less than 10% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Ather Energy Limited IPO Financial Information
| Period Ended | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| Assets | 818.6 | 1976.8 | 1913.5 | 2172 |
| Revenue | 413.8 | 1801.8 | 1789.1 | 1617.4 |
| Profit After Tax | -344.1 | -864.5 | -1059.7 | -577.9 |
| Net Worth | 224.9 | 613.7 | 545.9 | 108 |
| Reserves and Surplus | 224.2 | 613.1 | 545.1 | 3346.6 |
| Total Borrowing | 298.4 | 485.2 | 314.9 | 1121.6 |
Key Performance Indicator – Ather Energy IPO
| KPI | Values |
|---|---|
| Market Cap | ₹ 11955.66 Cr |
| EPS | ₹-36.46 |
| P/E (x) | -8.8 |
| RoNW | -194% |
Objects of the Issue:
Ather Energy plans to use the funds raised from the IPO for the following purposes:
- Setting up a new electric two-wheeler (E2W) factory in Maharashtra.
- Repaying or prepaying existing loans taken by the company.
- Investing in research and development to enhance product innovation.
- Spending on marketing initiatives to boost brand awareness and reach.
- Meeting general corporate expenses to support day-to-day operations.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
