Ather Energy Limited is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems. The company operates as a vertically integrated EV manufacturer with a focus on product and technology development.
The company sold 107,983 E2Ws and 109,577 E2Ws in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively.
As of December 31, 2024, we had 265 experience centers and 233 service centers in India, five experience centers and four service centers in Nepal, and ten experience centers and one service center in Sri Lanka.
The company’s product ecosystem includes Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform with 64 connected features as of July 2024.
Manufacturing is carried out at the Hosur Factory in Tamil Nadu, which had an annual installed capacity of 420,000 electric vehicles and 379,800 battery packs as of March 2024.
As of February 28, 2025, globally, the company had 303 registered trademarks, 201 registered designs and 45 registered patents, in addition to pending applications for 102 trademarks, 12 designs and 303 patents.
Ather’s strategy is built on four pillars: Vertically integrated design and engineering, A software-defined product ecosystem, Premium market positioning and Capital-efficient operations.
As of March 31, 2024, Ather Energy employed 2,454 people, including 1,458 on-roll employees and 996 off-roll staff.
Ather Energy IPO – Details
| IPO Opening Date | 28 April 2025 |
| IPO Closing Date | 30 April 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 9,28,58,600 Shares Worth ₹2980.76 Crore Fresh Issue: 8,18,06,854 Shares Worth ₹2626.00 Crore Offer for Sale: 1,10,51,746 Shares Worth ₹354.76 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹304 – ₹321 per share |
| Market Lot | 46 Shares |
| Min Order | 46 Shares (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Ather Energy IPO – Date Schedule
| IPO Open Date | 28 April 2025 |
| IPO Close Date | 30 April 2025 |
| Basis of Allotment | 02 May 2025 |
| Initiation of Refund | 05 May 2025 |
| Credit of Shares to Demat Account | 05 May 2025 |
| IPO Listing Date | 06 May 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on April 30, 2025 |
Ather Energy IPO – Lots Size & Price
| 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 |
Competitive Strengths
- The company’s ability to pioneer new technologies;
- The company’s E2Ws are positioned at a premium price in their respective segments in the E2W market;
- Vertically integrated approach to product design with strong in-house R&D capabilities;
- Software defined ecosystem that drives high customer engagement and drives margins;
- Established and scalable technology platform enabling accelerated product launches;
- Experienced management team and long-term investors committed to strong corporate governance standards.
Company Promoters
- Tarun Sanjay Mehta
- Swapnil Babanlal Jain
- HMCL
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | 413.80 | 757.90 | -344.10 | 298.40 |
| 31 March 2023 | 1,801.80 | 2,666.30 | -864.50 | 485.20 |
| 31 March 2024 | 1,789.10 | 2,674.20 | -1,059.70 | 314.90 |
| 31 December 2024 | 1,617.40 | 2,195.30 | –577.90 | 1,121.60 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | – |
| ROCE | – |
| Debt/Equity | – |
| RoNW | -194% |
| PAT Margin | – |
| Pre IPO | Post IPO | |
| EPS (Rs) | – | – |
| P/E (x) | – | – |
Object Of The Issue
- Capital expenditure to be incurred by the Company for establishment of an E2W factory in Maharashtra, India.
- Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company.
- Investment in research and development.
- Expenditure towards marketing initiatives.
- General corporate purposes.
Ather Energy IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 2 | Hero MotoCorp Limited | 20.00 |
| 2 | 10 | Bajaj Auto Limited | 29.00 |
| 3 | 10 | Ola Electric Mobility Limited | – |
| 4 | 1 | TVS Motors Limited | 68.00 |
| 5 | 1 | Eicher Motors Limited | 37.00 |
Ather Energy IPO Promoter Holding
| Pre Issue Share Holding | 54.61% |
| Post Issue Share Holding | 42.09% |
Ather Energy IPO Prospectus
Company Contact Information
| Ather Energy Limited 3 rd Floor, Tower D, IBC Knowledge Park, 4/1 Bannerghatta Main Road, Bangalore 560029, Karnataka, India Phone: +91 80 6646 5750 Email: cs@atherenergy.com Website: http://www.atherenergy.com/ |
Ather Energy IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: atherenergy.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Ather Energy IPO Lead Manager(s)
| 1. JM Financial Limited 2. Axis Capital Limited 3. HSBC Securities and Capital Markets (India) Private Limited 4. Nomura Financial Advisory and Securities (India) Private Limited |
Ather Energy IPO FAQs
| What is Ather Energy IPO? Ather Energy IPO is a main-board IPO. The issue is priced at ₹304 to ₹321 per equity share. The IPO is to be listed on BSE & NSE. |
| When Ather Energy IPO will open? The IPO is to open on 28 April 2025 for QIB, NII, and Retail Investors. |
| What is Ather Energy IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| How to Apply the Ather Energy IPO? You can apply Ather Energy IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Ather Energy IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Ather Energy IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Ather Energy IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Ather Energy IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Ather Energy IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Ather Energy IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Ather Energy IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Ather Energy IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Ather Energy IPO Size? Ather Energy IPO size is ₹2980.76 Crore. |
| What is the Ather Energy IPO Price Band? Ather Energy IPO Price Band is ₹304 to ₹321. |
| What is Ather Energy IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 46 Shares with ₹14,766 amount while the maximum bid is 598 Shares with ₹1,91,958. |
| What is the Ather Energy IPO Allotment Date? Ather Energy IPO allotment date is 02 May 2025. |
| What is the Ather Energy IPO Listing Date? Ather Energy IPO listing date is 06 May 2025. The IPO is to be listed on BSE and NSE. |
