Ather Energy IPO Review
The indefinite IPO is operating to close tomorrow, April 30, 2025. Ather Energy, a front-runner in the electric two-wheeler segment of India, is raising funds for expansion and innovation. This blog will discuss all the points of importance: IPO details, finances, GMP, subscription status, risks associated with the IPO, and expert opinions relevant for investors to look out for while making their investment decisions.
About Ather Energy
Established in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy Pvt. Ltd. was founded in Bangalore with the aim of manufacturing electric vehicles. The company is famous for its smart and premium electric scooters: the Ather 450X and Ather Rizta, which was recently launched.
Ather is distinguished by its superior R&D capabilities and in-house design and engineering. They have a touchscreen dashboard, fast charging, mobile connectivity, and software updates, making them the smartest two-wheelers in India.
Ather Energy IPO Details
| IPO Event | Date |
| IPO Opens | April 28, 2025 |
| IPO Closes | April 30, 2025 |
| Allotment Finalization | May 2, 2025 |
| Refund Initiation | May 5, 2025 |
| Shares Credited to Demat | May 5, 2025 |
| Listing Date (NSE/BSE) | May 6, 2025 |
Price Band and Issue Size
- Price Band: ₹304 – ₹321 per share
- Lot Size: 46 shares (₹13,984 minimum investment)
- Total Issue Size: ₹2,980.76 crore
- Fresh Issue: ₹2,626 crore
- Offer for Sale (OFS): ₹354.76 crore
IPO Subscription Status (As of April 30, 2025 – 11 AM IST)
| Investor Category | Subscription |
| Retail Individual Investors | 1.28x |
| Non-Institutional Investors | 0.30x |
| Qualified Institutional | Yet to pick pace |
| Employees | 3.68x |
Today’s Grey Market Premium (GMP) It’s reported in the market that the shares of Ather Energy have entered a GMP of ₹1, which implies a listing premium of merely 0.3% over the top price band of ₹321. Thus, indicating a market cautious attitude due to valuations and competition regarding the EV space.
Financial Highlights (9M FY24)
- Revenue: ₹1,892 crore (28% YoY Growth)
- EBITDA Margin: It improves due to larger scale
- Net Loss: Down trending due to robust Rizta sales
- R&D Spend: Continues to remain the leading investor in EV innovation.
Competitive advantages Ather Energy
- Premium positioning: High-quality smart scooters, not mass-market-type.
- In-House R&D and Manufacturing – Product quality & innovation are under their control.
- Expanding EV Charging network: Ather Grid, which is currently the largest fast-charging EV infrastructure to two-wheelers in India.
- Gradually Increasing Demand in the Market: Government Encouragement and Increasing Adoption of Electric Vehicles.
Key Risks to Be Considered:
- Severe opposition: Rivalry from Ola Electric, TVS iQuib, and Bajaj Chetak
- Valuation Concerns: Some analysts think that the IPO valuation is on the high side
- Not Profitability Yet: Investment mode still ongoing and therefore likely to impact the short-term return
| Stockbox Rating | Avoid |
Conclusion
With the on-going IPO at record speed and a product portfolio that promises to delight, soon Ather Energy will be a thing of the past in the Indian EV and soon after on the world stage. The window for information will come to an end today; hence, for the believers in an electric revolution in India, along with Ather’s premium gamble, should find this to be a good investment choice.