Ather Energy’s IPO opens on April 28, 2025, with a price band of ₹304-321. Despite being loss-making since 2013, the company promises strong returns for its founders.
Ather Energy, a prominent electric vehicle (EV) maker headquartered in India, is preparing for its Initial Public Offering (IPO) on April 28, 2025. Despite its consistent losses since its establishment in 2013, Ather Energy is expected to deliver significant returns for its founders, raising ₹2,981 crore through the IPO.
The company, which specializes in electric two-wheelers, is offering its shares in the price range of ₹304 to ₹321 per share. The offer includes an offer for sale (OFS) portion of nearly ₹355 crore, with the co-founders—Tarun Sanjay Mehta and Swapnil Babanlal Jain—offloading 19.60 lakh shares. For the founders, this marks an impressive 1,400% return on their initial investment, which was priced at ₹21.09 per share.
Although Ather Energy holds a significant 11.5% market share in India’s EV two-wheeler market as of FY24, it has yet to report a profit. The company incurred a loss before taxes of ₹1,059.7 crore in FY24, an increase from ₹864.5 crore in FY23. Despite these losses, Ather’s brand remains strong, supported by investors like Hero MotoCorp and Tiger Global, reflecting confidence in its long-term prospects.
The IPO proceeds will primarily be used for expanding Ather’s production capacity, with plans to set up a new electric two-wheeler factory in Maharashtra, and to pay off outstanding debts.
Ather Energy’s IPO will close for subscription on April 30, 2025, and shares are expected to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
