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Ather Energy IPO is a book build issue of ₹2,980.76 crores. The issue is a combination of fresh issue of 8.18 crore shares aggregating to ₹2,626.04 crores and offer for sale of 1.11 crore shares aggregating to ₹354.73 crores.
Ather Energy IPO bidding started from Apr 28, 2025 and ended on Apr 30, 2025. The allotment for Ather Energy IPO was finalized on May 2, 2025. The shares got listed on BSE, NSE on May 6, 2025.
Ather Energy IPO price band is set at ₹321.00 per share . The lot size for an application is 46. The minimum amount of investment required by an retail is ₹14,766 (46 shares) (based on upper price). The lot size investment for sNII is 14 lots (644 shares), amounting to ₹2,06,724, and for bNII, it is 68 lots (3,128 shares), amounting to ₹10,04,088.
The issue includes a reservation of up to 1,00,000 shares for employees offered at a discount of ₹30.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Ather Energy IPO RHP for detailed Information.
| IPO Date | April 28, 2025 to April 30, 2025 |
| Listing Date | May 6, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹304 to ₹321 per share |
| Issue Price Final | ₹321 per share |
| Lot Size | 46 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 9,28,67,945 shares (aggregating up to ₹2,980.76 Cr) |
| Fresh Issue | 8,18,16,199 shares (aggregating up to ₹2,626.04 Cr) |
| Offer for Sale | 1,10,51,746 shares of ₹1 (aggregating up to ₹354.73 Cr) |
| Employee Discount | ₹30.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 29,06,43,469 shares |
| Share Holding Post Issue | 37,24,59,668 shares |
Ather Energy IPO offers total 9,28,67,945 shares. Out of which 6,95,75,960 (74.92%) allocated to QIB, 2,78,30,384 (29.97%) allocated to QIB (Ex- Anchor), 1,39,15,191 (14.98%) allocated to NII, 92,76,794 (9.99%) allocated to RII and 4,17,45,576 (44.95%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 6,95,75,960 (74.92%) | NA |
| − Anchor Investor Shares Offered | 4,17,45,576 (44.95%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 2,78,30,384 (29.97%) | NA |
| NII (HNI) Shares Offered | 1,39,15,191 (14.98%) | NA |
| − bNII > ₹10L | 92,76,794 (9.99%) | 14,404 |
| − sNII < ₹10L | 46,38,397 (4.99%) | 7,202 |
| Retail Shares Offered | 92,76,794 (9.99%) | 2,01,669 |
| Employee Shares Offered | 1,00,000 (0.11%) | NA |
| Total Shares Offered | 9,28,67,945 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Ather Energy IPO raises ₹1,340.03 crore from anchor investors. Ather Energy IPO Anchor bid date is April 25, 2025. Ather Energy IPO Anchor Investors list
| Bid Date | April 25, 2025 |
| Shares Offered | 4,17,45,576 |
| Anchor Portion Size (In Cr.) | 1,340.03 |
| Anchor lock-in period end date for 50% shares (30 Days) | June 2, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | July 30, 2025 |
Ather Energy IPO opens on April 28, 2025, and closes on April 30, 2025.
| IPO Open Date | Mon, Apr 28, 2025 |
| IPO Close Date | Wed, Apr 30, 2025 |
| Tentative Allotment | Fri, May 2, 2025 |
| Initiation of Refunds | Mon, May 5, 2025 |
| Credit of Shares to Demat | Mon, May 5, 2025 |
| Tentative Listing Date | Tue, May 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Apr 30, 2025 |
Investors can bid for a minimum of 46 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 46 | ₹14,766 |
| Retail (Max) | 13 | 598 | ₹1,91,958 |
| S-HNI (Min) | 14 | 644 | ₹2,06,724 |
| S-HNI (Max) | 67 | 3,082 | ₹9,89,322 |
| B-HNI (Min) | 68 | 3,128 | ₹10,04,088 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Ather Energy Limited, incorporated in 2013, is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, and supporting software systems. The company operates as a vertically integrated EV manufacturer with a focus on product and technology development.
The company sold 107,983 E2Ws and 109,577 E2Ws in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively.
As of December 31, 2024, we had 265 experience centres and 233 service centres in India, five experience centres and four service centres in Nepal, and ten experience centres and one service centre in Sri Lanka.
The company's product ecosystem includes Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform with 64 connected features as of July 2024.
Manufacturing is carried out at the Hosur Factory in Tamil Nadu, which had an annual installed capacity of 420,000 electric vehicles and 379,800 battery packs as of March 2024.
As of February 28, 2025, globally, the company had 303 registered trademarks, 201 registered designs and 45 registered patents, in addition to pending applications for 102 trademarks, 12 designs and 303 patents.
Ather’s strategy is built on four pillars: Vertically integrated design and engineering, A software-defined product ecosystem, Premium market positioning and Capital-efficient operations.
As of March 31, 2024, Ather Energy employed 2,454 people, including 1,458 on-roll employees and 996 off-roll staff.
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 2,172.00 | 1,913.50 | 1,976.80 | 818.60 |
| Total Income | 1,617.40 | 1,789.10 | 1,801.80 | 413.80 |
| Profit After Tax | -577.90 | -1,059.70 | -864.50 | -344.10 |
| Net Worth | 108.00 | 545.90 | 613.70 | 224.90 |
| Reserves and Surplus | 104.10 | 545.10 | 613.10 | 224.20 |
| Total Borrowing | 521.60 | 314.90 | 485.20 | 298.40 |
| Amount in ₹ Crore | ||||
The market capitalization of Ather Energy IPO is ₹11955.96 Cr.
KPI as of Sun, Mar 31, 2024.
| KPI | Values |
|---|---|
| RoNW | -194% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -47.00 |
The Company Ather Energy IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital expenditure to be incurred by the Company for establishment of an E2W factory in Maharashtra, India. | 927.20 |
| 2 | Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. | 40.00 |
| 3 | Investment in research and development. | 750.00 |
| 4 | Expenditure towards marketing initiatives. | 300.00 |
| 5 | General corporate purposes. |
[Dilip Davda] AEL is a pure play EV company selling E2W, batteries and other related products. The company is expanding its capacity with a new unit at Maharashtra. The company posted losses for the reported periods and has a carried forward huge chunk. Based on its financial performance, the issue is at a negative PE. Its borrowings of Rs. 1121+ cr. as of December 31, 2024 is alarming. The company enjoys strong parentage and is the main attraction. It’s a pure long-term story, hence well informed/cash surplus investors may park moderate funds for long term. Read detail review...
| Listing Date | May 6, 2025 |
| BSE Script Code | 544397 |
| NSE Symbol | ATHERENERG |
| ISIN | INE0LEZ01016 |
| Final Issue Price | ₹321 per share |
| NSE Listing Group | EQ |
| BSE Listing Group | B |
Ather Energy Ltd.
3 rd Floor, Tower D,
IBC Knowledge Park,
#4/1 Bannerghatta Main Road,
Bangalore Urban, Karnataka, 560029
Phone: +91 80 6646 5750
Email: cs@atherenergy.com
Website: http://www.atherenergy.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: atherenergy.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Ather Energy IPO is a main-board IPO of 9,28,67,945 equity shares of the face value of ₹1 aggregating up to ₹2,980.76 Crores. The issue is priced at ₹321 per share. The minimum order quantity is 46.
The IPO opens on April 28, 2025, and closes on April 30, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Ather Energy IPO using UPI as a payment gateway. Zerodha customers can apply in Ather Energy IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Ather Energy IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Ather Energy IPO opens on April 28, 2025 and closes on April 30, 2025.
Ather Energy IPO lot size is 46, and the minimum amount required for application is ₹14,766.
You can apply in Ather Energy IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Ather Energy IPO will be done on Friday, May 2, 2025, and the allotted shares will be credited to your demat account by Monday, May 5, 2025. Check the Ather Energy IPO allotment status.
The Ather Energy IPO listing date is on Tuesday, May 6, 2025.
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