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Ather Energy Goes Public

Published on 6 May, 2025, 5:15 AM IST
Updated on 6 May, 2025, 5:16 AM IST
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Sutanu Guha
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Ather is the second Indian electric-only manufacturer to be listed after Ola Electric. 

Ather Energy shares have officially debuted on Dalal Street today. The public issue for the Initial Public Offering (IPO) was open for subscription from April 28 to 30, and the IPO allotment was finalised on May 2. Each share of Ather Energy got listed on Dalal Street at ₹328 on NSE and ₹326 on BSE, against the issue price of ₹321. This is quite a subtle and yet positive response for the EV-only manufacturer. 

Ather’s ₹2981 crore-worth IPO includes a combination of fresh issue of 8.18 crore shares worth ₹2,626.30 crore and Offer For Sale (OFS) of 1.11 crore equity shares aggregating to ₹354.76 crore. During the subscription phase, Ather sold its shares in the fixed price band of ₹304-₹321 per share with a lot size of 46 shares. The issue was overall subscribed only 1.43 times. The portion reserved for quality institutional bidders was subscribed about 1.70 times, while non-institutional investors was booked just 66 per cent, and allocation for retail investors was booked at 1.78 times during the three-day bidding. 

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The amount raised from the IPO will be further used to expand Ather's portfolio. 

Ather will use the amount raised to further expand its product portfolio through multiple platforms. Earlier, Ather had stated out it in its Red Herring Prospectus that it has two platforms in the making – EL and Zenith. The former will underpin new scooters, and the latter will be for the brand’s upcoming range of electric motorcycles. Furthermore, Ather Energy also plans to deepen its distribution network, and alongside secure its supply chain through long-term partnerships. In addition to that, it will also invest a significant amount to further its R&D processes, and also expand its manufacturing capability that will be required to accommodate the new products it has planned. 

The Indian two-wheeler landscape is expected to further grow at a CAGR of approximately 7 per cent between FY24 to FY31, to reach a market size of 2.9 to 3 crore in FY31. Ather’s current portfolio just has two product series — the 450 range and the Rizta family scooter. Ather as as a brand was never known for outlandish approach or tall claims. The company reduced its valuation before the IPO. This calculated approach is expected to work in Ather’s favour, given how the electric scooter manufacturer has been very careful with every step of its business, unlike its peer, Ola Electric, who is yet again in the middle of some controversy. Head here to find out what murky waters Ola has found itself in again. 

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