Ather’s Gentle Rollout: Shares Cruise Past IPO Price, Making a Cautious Market Entry

Unknown Apr 02, 2026 800 Views

Ather Energy, India's native electric two-wheeler producer, listed on the stock market on May 6, 2025, with shares listing at ₹326.05 on the BSE-just higher than the IPO price of ₹321. It is the first large IPO of FY26 and the second big electric scooter listing after Ola Electric. ...

Ather Energy, which specialises in technology-powered electric scooters, collected ₹2,980 crore with its IPO that garnered modest investor attention. Listing comes at a time of wary optimism in the EV space and an aggressive competitive market environment.

IPO and Listing Details

IPO price band: ₹304–₹321 per share; issue size: ₹2,980 crore.
Shares listed at ₹326.05 on BSE, a moderate 1.6% premium over the listing price.
Grey market premium (GMP) ranged between ₹1–₹17 in the pre-listing period, settling at ₹7–₹12, reflecting subdued listing gains.

Subscription Response

Total subscription: 1.43 times.
Retail investors: 1.78 times; Qualified Institutional Buyers (QIBs): 1.70 times; Non-Institutional Investors (NIIs): 66%; Employees: 5.43 times.
The IPO received last-minute support from QIBs, but overall demand was weak.

Company and Financials

Established in 2013, Ather Energy is a vertically integrated EV producer dedicated to in-house design and technology.
Revenue jumped from ₹413.8 crore in FY22 to ₹1,617.4 crore in the nine months ended December 2024.
Net loss for the period was ₹577.9 crore, reflecting persisting profitability issues.
IPO funds will be used for a new Maharashtra plant, repayment of debt, and R&D.

Major Shareholders

Hero MotoCorp (38.19%), Caladium Investment (GIC, 15.43%), NIIF (14.22%), Tiger Global (6.56%), and co-founders Tarun Mehta and Swapnil Jain (6.81% each).

Market Context

Ather's listing comes after Ola Electric's IPO and indicates cautious optimism in India's expanding EV industry.

The listing is regarded as a crucial test of investor sentiment in the electric mobility segment.

Sources: Moneycontrol, Business Today, Economic Times, Upstox, Financial Express

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