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

Updated: May 06, 2025 09:48

Image Source: Equity Master
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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