India-based Ather Energy, headquartered in Karnataka, is set to launch its IPO on April 28, 2025. With a price band of ₹304–₹321 per share, the company aims to raise ₹2,626 crore via fresh issue, primarily to expand manufacturing and R&D capabilities. The IPO includes an Offer for Sale (OFS) of 1.1 crore shares. The EV maker, backed by HeroMoto Corp and Tiger Global, is a leader in the electric two-wheeler segment and will be the first IPO in over two months to hit Indian markets.
Ather Energy, a leading electric two-wheeler manufacturer headquartered in Bengaluru, Karnataka, is set to make its debut in the Indian stock market with an initial public offering (IPO) opening on April 28, 2025. Known for designing and developing high-performance electric scooters, Ather Energy is a fully integrated electric vehicle (EV) company involved in the in-house production of battery packs, software systems, and charging infrastructure.
This IPO marks the end of a nearly two-and-a-half-month lull in India’s primary market since the last public issue by Quality Power Equipments in February. Ather Energy’s upcoming IPO has created significant buzz due to its position in the growing EV market and strong investor interest.
IPO Structure and Objectives
The IPO will consist of a fresh equity issue worth ₹2,626 crore and an offer-for-sale (OFS) of 1.1 crore equity shares by existing stakeholders, including early investors like Tiger Global and the National Investment and Infrastructure Fund (NIIF). HeroMoto Corp, which holds about 40% of Ather Energy, will not be participating in the share sale.
The price band for the IPO has been set between ₹304 and ₹321 per equity share. Investors can bid in lots of 46 shares and multiples thereof. The anchor investor allocation will take place on April 25, followed by a three-day subscription window from April 28 to April 30.
Ather plans to utilize the proceeds primarily to establish a new EV manufacturing facility in Maharashtra, allocating ₹927.2 crore for the project. Additionally, ₹750 crore will be invested in research and development, ₹300 crore will go towards marketing, and ₹40 crore is earmarked for debt repayment. These allocations are planned for the fiscal years 2026 to 2028.
Listing and Allotment Details
The share allotment is scheduled to be finalized on May 2, 2025, with refunds and credit to demat accounts occurring by May 5. Ather Energy is expected to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on May 6, 2025.
Company Performance and Market Presence
Ather Energy recorded the sale of 109,577 electric two-wheelers (E2Ws) in the financial year 2024 and 107,983 E2Ws during the first nine months of FY25. As of December 31, 2024, the company operated 265 experience centers and 233 service centers across India, along with centers in Nepal and Sri Lanka.
With a strong market presence and a focus on innovation, Ather has gained attention as a key player in India’s EV transformation.
Investor Outlook and GMP Trend
As of April 23, 2025, the grey market premium (GMP) for Ather Energy stood at ₹11, implying a likely listing price of ₹332—around 3.43% above the upper IPO price band of ₹321. The public issue reserves 75% of shares for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 10% for retail participants. An additional 1,00,000 equity shares are reserved for employees at a discounted rate of ₹30 per share.
The IPO is managed by Axis Capital, HSBC Securities, JM Financial, and Nomura, with Link Intime India Pvt Ltd acting as the registrar.
With strong fundamentals and a clear vision for growth, Ather Energy’s IPO could pave the way for increased momentum in India’s electric mobility sector.
