Ather Energy IPO
Bookbuilding IPO | ₹2,981.00 Cr | Listing at BSE, NSE
IPO Open
Mon, Apr 28, 2025
IPO Close
Wed, Apr 30, 2025
Price Band
₹304.00 to ₹321.00
Market Cap (Pre-IPO)
₹11,955.96 Cr
IPO Details
| IPO Date | Apr 28, 2025 to Apr 30, 2025 |
| Listing Date | Tentative: May 06, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹304.00 to ₹321.00 |
| Lot Size | 46 Shares (Minimum: ₹14,766.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹2,981.00 Crores |
| Total Shares Offered | 92,867,945 shares |
| Fresh Issue | 81,816,199 shares |
| Offer For Sale | 11,051,746 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 1.76x |
| NII | 0.69x |
| RII | 1.89x |
| Total | 1.50x |
Ather Energy IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 6,95,75,960 (74.92%) |
| Retail Shares Offered | 92,76,794 (9.99%) |
| NII Shares Offered | 1,39,15,191 (14.98%) |
Ather Energy IPO Lot Size
Investors can bid for a minimum of 46 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 46 | ₹14,766 |
| Retail (Max) | 13 | 598 | ₹191,958 |
| S-HNI (Min) | 14 | 644 | ₹206,724 |
| S-HNI (Max) | 67 | 3,082 | ₹989,322 |
| B-HNI (Min) | 68 | 3,128 | ₹1,004,088 |
Ather Energy Financial Information (Restated Consolidated)
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 2,172.00 | 1,913.50 | 1,976.80 | 818.60 |
| Total Income | 1,617.40 | 1,789.10 | 1,801.80 | 413.80 |
| Profit After Tax | -577.90 | -1,059.70 | -864.50 | -344.10 |
| EBITDA | - | - | - | - |
| NET Worth | 108.00 | 545.90 | 613.70 | 224.90 |
| Reserves and Surplus | 104.10 | 545.10 | 613.10 | 224.20 |
| Total Borrowing | 521.60 | 314.90 | 485.20 | 298.40 |
Amount in ₹ Cr
Key Performance Indicators
As of Sunday, March 31, 2024| KPI | Values |
|---|---|
| RoNW (Return on Net Worth) | -194.00% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -47.00 | - |
| Promoter Holding | 54.61% | 42.09% |
Company Promoters
- Tarun Sanjay Mehta
- Swapnil Babanlal Jain
- and HMCL are the company promoters.
Company Overview
Ather Energy Limited, incorporated in 2013, 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 centres and 233 service centres in India, five experience centres and four service centres in Nepal, and ten experience centres and one service centre 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.
Use of Proceeds
| 1) | Capital expenditure to be incurred by the Company for establishment of an E2W factory in Maharashtra, India. | 927.20 |
| 2) | Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. | 40.00 |
| 3) | Investment in research and development. | 750.00 |
| 4) | Expenditure towards marketing initiatives. | 300.00 |
| 5) | General corporate purposes. |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Ather Energy IPO Peer Comparison
Ather Energy peer comparison with similar listed entities. (As on March 31, 2024)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Ather Energy Limited | -47.00 | -47.00 | 24.00 | 0.00 | -194.00 | 0.00 | Consolidated |
| Hero Motocorp Ltd. | 187.00 | 187.00 | 884.00 | 20.00 | 21.00 | 4.21 | Consolidated |
| Bajaj Auto Ltd. | 273.00 | 273.00 | 935.00 | 29.00 | 29.00 | 8.43 | Consolidated |
| Ola Electric Mobility Limited | -4.00 | -4.00 | 6.00 | 0.00 | -78.00 | 8.83 | Consolidated |
| Tvs Motor Company Ltd. | 36.00 | 36.00 | 143.00 | 68.00 | 26.00 | 16.92 | Consolidated |
| Eicher Motors Ltd. | 146.00 | 146.00 | 657.00 | 37.00 | 22.00 | 0.00 | Consolidated |
Quick Info
| Sector | Automobile |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹11,955.96 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Apr 28, 2025 |
| IPO Close | Apr 30, 2025 |
| Allotment Date | May 02, 2025 |
| Credit to Demat | May 05, 2025 |
| Listing Date | Tentative: May 06, 2025 |
Lead Manager(s)
Axis Capital Ltd.
Registrar
Description
- Ather Energy IPO is a book build issue of ₹2,980.76 crores. The issue is a combination of fresh issue of 8.18 crore shares aggregating to ₹2,626.04 crores and offer for sale of 1.11 crore shares aggregating to ₹354.73 crores.
- Ather Energy IPO bidding started from Apr 28, 2025 and ended on Apr 30, 2025. The allotment for Ather Energy IPO was finalized on May 2, 2025. The shares got listed on BSE, NSE on May 6, 2025.
- Ather Energy IPO price band is set at ₹321.00 per share . The lot size for an application is 46. The minimum amount of investment required by an retail is ₹14,766 (46 shares) (based on upper price). The lot size investment for sNII is 14 lots (644 shares), amounting to ₹2,06,724, and for bNII, it is 68 lots (3,128 shares), amounting to ₹10,04,088.
- The issue includes a reservation of up to 1,00,000 shares for employees offered at a discount of ₹30.00 to the issue price.