Ather Energy Shares List At 2% Premium Over IPO Price

Electric two-wheeler maker Ather Energy Ltd made its stock market debut today, with its shares listing at a 1.57% premium on the BSE. Ather’s shares debuted at INR 326.05 apiece over the upper end of the IPO price of INR 321.

On the NSE, the stock opened at INR 328, a 2.18% premium against the issue price.

Founded in 2013 as an IIT Madras incubated startup, Ather is one of the leading escooter OEMs in India. It competes with Ola Electric, Bajaj Auto, TVS Motor, Hero MotoCorp, Honda, and more. Over the years, the company raised more than $630 Mn in funding from the likes of Hero MotoCorp, National Investment and Infrastructure Fund (NIIF), Singapore-based GIC’s Caladium Investment, Zerodha’s Kamath brothers, among others.

The EV unicorn’s IPO comprised a fresh issue of INR 2,626 Cr and an offer-for-sale (OFS) of INR 355 Cr by existing shareholders.

The issue saw a lukewarm response from investors, The EV giant’s two cofounders – Tarun Mehta and Swapnil Jain – minted 15.2X returns by selling 9.28 Lakh shares each in the OFS. IIT Madras and Tiger Global raked in 40X and 8.3X gains, respectively.

Of the total IPO proceeds, Ather has earmarked INR 927 Cr to establish an electric two-wheeler manufacturing facility in Maharashtra’s Chhatrapati Sambhajinagar. The company plans to kick off production from this facility in July 2026 in a phased manner and complete it fully by March 2027. The factory is expected to have a production capacity of 1 Mn electric two-wheelers per year upon completion of both phases.

It is pertinent to note that Ather Energy has parked in the Dalal Street as a loss-making company. For the nine months ended December 2024 (9M FY25), the EV maker reported a . However, this was a decline of about 26% from INR 776.4 Cr in the year-ago period.

Meanwhile, its operating revenue zoomed 28% to INR 1,578.9 Cr in the first three quarters of FY25 from INR 1,230.4 Cr in the same period last year, driven by a surge in EV registrations. Ather clocked 1.31 Lakh EV registrations in FY25, as per Vahan data.

Ather Energy is the second EV maker to go public after Bhavish Aggarwal-led Ola Electric, which launched its INR 6,145 Cr IPO in August last year. Greaves Electric Mobility and Pure EV are also gearing up for their public listing.

At 12:50 PM, shares of Ather Energy Ltd were trading at INR 307.80 apiece, down 5.60% from the listing price and 4.11% from the issue price.

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