Ather Energy IPO
Imagine zooming through city traffic on a stylish, smart electric scooter — that’s the future Ather Energy envisions. Now, they’re not just building futuristic scooters but inviting investors to join their ride toward India’s electric revolution!
Ather Energy’s much-awaited IPO is opening for subscription between April 28 to April 30. With a price band of ₹304–₹321 per share, Ather aims to raise around ₹2,981.06 crore, combining fresh issue and Offer For Sale (OFS).
Is Ather Energy IPO a smooth ride, or are there bumps ahead?
Let’s dive into everything you need to know about Ather Energy’s IPO!
About the Company (Company Overview)
Founded in 2013 by IIT Madras grads Tarun Mehta and Swapnil Jain, Ather Energy started with a simple dream: build intelligent electric scooters for Indian roads.
Today, Ather is one of the most recognizable EV brands in India, known for innovation and premium tech features.
Their scooters are not just vehicles — they’re gadgets on wheels!
Flagship Products:
- Ather 450X – Sporty, tech-loaded premium electric scooter.
- Ather 450S – A value-for-money offering with core Ather DNA.
- Ather Rizta – Their new family scooter is focused on comfort and practicality.
Other Key Moves:
- Built over 2,500+ fast-charging stations (Ather Grid) across 100+ cities.
- Two modern manufacturing plants at Hosur, Tamil Nadu, with an annual capacity of 420,000 units.
Clearly, Ather isn’t just selling scooters — they’re building an EV ecosystem!
Sector Overview: Electric Two-Wheelers in India
India’s EV market is buzzing louder than ever!
Here’s the bigger picture:
- In FY24, electric two-wheelers accounted for about 5% of total two-wheeler sales.
- Government incentives (like FAME II subsidies) are boosting affordability.
- Rising fuel prices and growing eco-consciousness are making EVs an attractive choice.
Top competitors:
- Ola Electric (market leader)
- TVS iQube (traditional player adapting fast)
- Bajaj Chetak (trusted legacy brand)
Where does Ather stand?
With an 11.5% market share, Ather is the third-largest electric two-wheeler company in India.
In short: The EV wave is real — and Ather is surfing it well.
Promoters and Their Experience
The brains behind Ather?
- Tarun Mehta (CEO): Mechanical engineer turned entrepreneur, passionate about clean tech.
- Swapnil Jain (CTO): Product and battery tech expert.
Together, they’ve built Ather into a symbol of smart urban mobility.
Major backers:
- Hero MotoCorp (around 40% stake — a huge vote of confidence!)
- Tiger Global and GIC (early investors supporting the company’s scale-up phase).
Good leadership + strong investors = a powerful combination for the future.
Objectives of the IPO
Where is your money going if you invest?
Ather plans to use the IPO proceeds for:
- Building a new plant in Maharashtra (bigger manufacturing dreams!)
- Repaying existing debts (making balance sheets healthier)
- Product R&D (next-gen scooters and tech)
- Brand building and marketing
- General corporate purposes
Note: Proceeds from the OFS will go to existing shareholders (not the company).
Ather Energy IPO details
| IPO Dates | April 28 to April 30 |
| Type | Fresh Issue & OFS |
| Price Band | ₹304 to ₹321 per share |
| Lot Size | 46 shares per lot |
| Listing Exchanges | NSE & BSE |
| Allotment Date | May 02, 2025 |
| Listing Date | May 06, 2025 |
| Lot Size – Retail (Min) & Amount | 1 lot, ₹ 14,766 |
| Lot Size – Retail (Max) & Amount | 13 lots, ₹1,91,958 |
| Lot Size – Small HNI (Min) & Amount | 14 lots, ₹ 2,06,724 |
| Lot Size – Small HNI (Max) & Amount | 67 lots, ₹9,89,322 |
| Lot Size – Big HNI (Min) & Amount | 68 lots, ₹10,04,088 |
Financials Snapshot (Last 3 Years)
Here’s a quick look at Ather’s financial journey:
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Revenue | 1,617.4 Cr | 1,789.1 Cr | 1,801.8 Cr | 413.8 Cr |
| PAT | -577.9 Cr | -1,059.7 Cr | -864.5 Cr | – 344.1 Cr |
Key highlights:
- Revenue grew 4x between FY22 and FY23.
- Losses are shrinking — a good sign — but Ather is still in the red.
- Over 1 lakh scooters delivered during the first nine months of FY24.
Translation?
Ather is growing fast, but profitability is still a work in progress.
Key Financial Ratio (Last 3 Years)
| Metric | FY22 | FY23 | FY24 |
| Debt to Equity Ratio | 1.62 | 1.09 | 0.88 |
Insights:
- Debt levels have slightly increased in FY24 — something to watch carefully.
Inferences Based on Financials and Ratios
Here’s the plain truth:
- Revenue momentum is strong. (From a niche brand to a national player!)
- Losses are narrowing. (Operating efficiencies improving.)
- Debt rising slightly. (New investments could be causing short-term debt.)
Bottomline: Ather Energy IPO
Ather is in growth mode, not profitability mode — yet.
If you are an investor looking for short-term returns, you might want to be cautious.
If you believe in India’s EV future (and have patience), Ather could be a smart long-term bet.
Risks Associated with the IPO
Before you jump in, keep these risks in mind:
- Fierce competition from Ola, TVS, and Bajaj.
- Profitability has not been achieved yet (might take 2–3 more years).
- Government policy dependence (like FAME subsidy cuts).
- High working capital needs as production and network expand.
No investment is risk-free — and IPOs in fast-growing sectors can be extra volatile.
Conclusion
The Ather Energy IPO is exciting, no doubt.
The company has strong branding, growing revenues, solid backers, and ambitious plans.
However, it’s not without risks — mainly due to ongoing losses, competitive pressure, and evolving policies. Don’t miss to go through the company’s RHP.
Our take:
If you believe in India’s EV revolution and have a long-term (3–5 years+) investment horizon, Ather Energy could be worth considering.
If you prefer safer, more stable bets, you might want to wait and watch how profitability trends evolve post-IPO.
In short:
Ather Energy IPO = High growth + Moderate risk.
FAQs
Q1. What are the IPO dates for Ather Energy?
A: Subscription window: April 30 to May 2, 2025.
Q2. What is the IPO price band?
A: ₹304–₹321 per share.
Q3. What is the lot Size?
A: 46 shares per lot.
Q4. Is Ather Energy profitable?
A: Not yet. The company is narrowing its losses but is still loss-making.
Q5. Who are Ather’s key competitors?
A: Ola Electric, TVS Motor, Bajaj Auto.
Q6. Should I invest in Ather Energy IPO?
A: Depends on your risk appetite. Great for long-term EV believers; risky for short-term investors.
