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Ather Energy Ltd

Automobile

Offer Period :

28th to 30th Apr 2025

Ather Energy Ltd IPO Details

IPO Date 28th to 30th Apr 2025 Minimum Investment ₹14766 / 1 Lots
Listing Date 2025-05-06 Maximum Investment ₹191958 / 13 Lots
Face Value ₹1 per share Total Issue Size ₹2980.76 Crores
Price ₹304 to ₹321 per share Fresh Issue ₹2626 Crores
Lot Size 1 Lots (46 Shares) Offer For Sale ₹ [-]
Listing At BSE, NSE Retail Discount ₹ 0
Employee Discount ₹30 per Share Shareholding Pre Issue 290643469 Shares
Issue Type Book Building Shareholding Post Issue 372450322 Shares
IPO Date 28th to 30th Apr 2025
Listing Date 2025-05-06
Face Value ₹1 per share
Price ₹304 to ₹321 per share
Lot Size 1 Lots (46 Shares)
Listing At BSE, NSE
Total Issue Size ₹2980.76 Crores
Employee Discount ₹30 per share
Issue Type Book Building
Minimum Investment ₹14766 / 1 Lots
Maximum Investment ₹191958 / 13 Lots
Fresh Issue ₹2626 Crores
Offer For Sale ₹[-] Crores
Retail Discount ₹0 Crores
Shareholding Pre Issue 290643469 Shares
Shareholding Post Issue 372450322 Shares

About Ather Energy Ltd IPO

Ather Energy Ltd, founded in 2013, is a leading Indian electric two-wheeler (E2W) manufacturer, focused on designing and developing electric scooters, battery packs, charging infrastructure, and software systems. The company offers a complete product ecosystem, including the Ather 450 and Ather Rizta models, and its proprietary Atherstack software integrates advanced features like navigation, safety, and ride assistance. Ather positions its products at a premium price point, catering to the growing demand for high-end electric scooters in India.
 

With 109,577 E2Ws sold in FY 2024, Ather has expanded its footprint with 265 experience centres and 233 service centres in India, along with operations in Nepal and Sri Lanka. The company’s manufacturing facility in Hosur, Tamil Nadu, has the capacity to produce 420,000 E2Ws and 379,800 battery packs annually. Ather continues to innovate, holding over 300 trademarks and numerous patents. With a strategy centred on integrated design, software-driven products, and efficient operations, Ather is poised for long-term success in the EV market.

Founding Year: 2013

Managing Director: [-]

Ather Energy Limited Timeline

Important dates for allocation and IPO listing.

28th Apr

IPO Opens

30th Apr

IPO Close

2nd May

Allotment Date

5th May

Initiation of Refund

5th May

Credit of Shares to Demat Account

-

IPO Listing Date

Shareholder Pattern

  Pre-Issue Post-Issue
Promoter Group 52.67 42.09
Public Group 47.33 57.91

Ather Energy Ltd IPO Reservation

QIB Shares Offered 27827580(29.97%)
NII (HNI) Shares Offered 13913790(14.98%)
Retail Shares Offered 9275860(9.99%)
Anchor Investor Shares Offered 41741370(44.95%)
Total Shares Offered 92858600
Total Shares With Anchor Investor 92858600

Ather Energy Ltd IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 46 ₹14766
Retail (Max) 13 598 ₹191958
S HNI (Min) 14 644 ₹206724
S HNI (Max) 67 3082 ₹989322
B HNI (MIN) 68 3128 ₹1004088

Ather Energy Ltd IPO Anchor Investor Details

Bid Date 25 April 2025
Shares Offered 0
Anchor Portion Size 0

Ather Energy Ltd IPO Registrar

MUFG Intime India Pvt Ltd
Phone Number +91 810 811 4949
Email Id atherenergy.ipo@linkintime.co.in
Our Website www.linkintime.co.in

Ather Energy Ltd IPO Lead Manager

1. Axis Capital Ltd

2. HSBC Securities and Capital Markets (India) P Ltd

3. JM Finacial Ltd

4. Nomura Financial Advisory and Securities (India) P

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Ather Energy Ltd Financial Information

Period Ended March 31, 2024 March 31, 2023 March 31,
Net Worth ₹545.9 ₹613.7
Reserves and Surplus ₹545.1 ₹613.1
Total Borrowing ₹314.9 ₹485.2

Ather Energy Ltd IPO Subscription LIVE Status

Category No. of shares offered No. of shares bid No. of subscribed
Qualified Institutional Buyers (QIBs) 28927363 7636 0.0003
Non Institutional Investors (NIIs) 14601478 3905308 0.2675
NII(Bid amount of more than Ten Lakh Rupees) 9734319 2817546 0.2894
NII(Bid amount of more than 2 Lakh < 10 Rupees) 4867159 1087762 0.2235
Retail Individual Investors (RIIs) 9734319 10858990 1.1155
Total 53363160 15090162 0.2828

Strength of Ather Energy Ltd

1. Our ability to pioneer new technologies.

2. Our E2Ws are positioned at a premium price in their respective segments in the E2W market.

3. Vertically integrated approach to product design with strong in-house R&D capabilities.

4. Software defined ecosystem that drives high customer engagement and drives margins.

5. Established and scalable technology platform enabling accelerated product launches.

6. Experienced management team and long-term investors committed to strong corporate governance standards.

Ather Energy Ltd IPO - Strengths

  • Vertically Integrated Model: Ather Energy designs, develops, and assembles key components like E2Ws, battery packs, and charging infrastructure in-house, ensuring better quality control, cost efficiency, and production timelines.

  • Premium Product Range: Ather targets the premium segment with products like the Ather 450 and Ather Rizta, offering advanced features such as navigation, ride assistance, and safety, catering to tech-savvy, eco-conscious consumers.

  • Atherstack Software: Ather’s proprietary software platform, Atherstack, provides smart features like connected navigation, ride analytics, and remote diagnostics, enhancing the user experience and seamlessly integrating with the ecosystem.

  • Wide Market Reach: Ather has 265 experience centres and 233 service centres in India, along with operations in Nepal and Sri Lanka, expanding its visibility in the global EV market.

  • Robust Manufacturing Capacity: Ather’s Hosur facility has an annual production capacity of 420,000 E2Ws and 379,800 battery packs, enabling the company to meet growing demand in the expanding EV market.

  • Innovation and Intellectual Property: The company holds over 300 registered trademarks, 201 designs, and 45 patents, demonstrating its commitment to innovation in the EV sector.

  • Government Support: Ather benefits from government incentives and policies that encourage clean energy adoption, bolstering its growth in the evolving EV market.

Risks Involved

1. Other than the batteries that its manufacture in-house, the company relies on its suppliers to provide all other EV components used in assembling its E2Ws in-house. Any loss of key suppliers, or any failures or refusal by them to supply such components to it could cause business disruptions.

2. The company has received some customer complaints pertaining to its products in the past. There is no assurance that the company will not receive similar complaints in the future or that its will be able to address such customer complaints in a timely manner or at all.

3. The company has incurred losses since incorporation. The company had stagnant revenue growth in Fiscal Year 2024 and loss before tax of Rs. 5,779 million and Rs. 10,597 million in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. There is no assurance that the company will be cost effective in its operations or achieve profitability in the future.

4. The company has incurred negative cash flows from operations continuously since incorporation. The company had net cash used in operating activities of Rs. 7,171 million and Rs. 2,676 million in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. Negative cash flows may adversely impact its liquidity and prospects.

5. Its limited operating history makes evaluating the company business and future prospects difficult and its historical performance may not be indicative of future performance.

6. Its future growth is dependent on the demand for and adoption of electric two-wheelers. According to the CRISIL Report, the company had a 10.7% and 11.5% market share of the Indian E2W market in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. If the market does not develop as the company expect, or develops at a speed that is slower than anticipated, its business, prospects, financial condition and operating results will be affected.

7. The lithium-ion cells used in its electric two-wheelers' battery packs could catch on fire or vent smoke even if properly manufactured, managed or controlled. Such instances could subject it to adverse publicity, which may impact the company brand, business, prospects, financial condition and results of operations.

8. Any disruptions in the availability and any changes in the pricing and quality of lithium-ion cells could cause significant disruptions to and adversely impact its business operations.

9. The company relies on imports from certain countries, such as China, and supplies of such imports may be disrupted by changes in government regulations or policies, deterioration in economic conditions or escalation of trade tensions.

10. There are outstanding legal proceedings against the Company, certain of its Promoters and the company Directors. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, cash flows and reputation.

Ather Energy IPO - Risks

  • Intense Market Competition: Ather Energy faces significant competition from both established automobile manufacturers and new startups entering the electric vehicle market. The growing number of players could put pressure on Ather’s market share and profitability.

  • Supply Chain Dependency: While Ather manufactures some key components, it depends on third-party suppliers for critical parts like motors and chargers. Disruptions in the supply chain, such as shortages or delays, could impact production and increase costs.

  • Technology Risks: The success of Ather Energy is heavily dependent on the continuous innovation of its electric two-wheelers and software systems. Any technological setbacks or failure to stay ahead of competitors in terms of product features or performance could harm its market position.

  • Regulatory and Policy Risks: Ather Energy’s business is affected by government policies, including subsidies and regulations regarding electric vehicles. Any unfavorable changes in these policies, such as reduced incentives or stricter regulations, could negatively impact the company’s growth and financial performance.

  • Financial Sustainability: As a company in the high-growth EV sector, Ather faces challenges in achieving long-term profitability. Its financial health depends on maintaining strong sales, controlling costs, and securing funding for research, development, and expansion.

  • Adoption Rate and Market Fluctuations: While the EV market is expanding, the pace of adoption could be influenced by economic conditions, consumer preferences, and the development of necessary infrastructure like charging stations. Uncertainties in these areas could affect sales growth.

  • Infrastructure Development Risks: Ather’s business is closely linked to the growth of charging infrastructure across India and in international markets. Delays or insufficient investment in charging networks could hinder the adoption of electric vehicles, including Ather’s products.

Industry Outlook of Ather Energy IPO

  • India's Dominance in 2W Market: India is the largest global market for motorised two-wheelers, with 18.4 million units sold in FY 2024. Exports made up 16% of the total sales.

  • Rising Export Share: In the nine months ending December 31, 2024, exports contributed 17% of total two-wheeler sales in India.

  • Shift Toward Premium Vehicles: The preference for premium motorcycles and scooters is increasing, particularly those with engine capacities of 125 cc and above, showing growth from FY 2019 to FY 2024.

  • Growth of Electric Two-Wheelers (E2Ws): The electric two-wheeler market is expected to grow significantly, with projections reaching 10.3 to 12.3 million units by FY 2031.

  • Supporting Factors for EV Growth: The rapid rise in EV launches, government incentives, infrastructure development, lower battery costs, and improvements in the local supply chain are all contributing to a faster shift toward electric two-wheelers.

Why should you invest in

-

Ather Energy Ltd Financials

Particulars For the financial year ending (in ₹ million)
 
Total Assets
Total Liabilities
Total Expenses
Total Revenue 
Profit After Tax
EBITDA
Adjusted EBITDA

Ather Energy Limited IPO Contact Details

Ather Energy Ltd IPO Listing Details

Listing Date BSE Script Code NSE Symbol ISIN Final Issue Price
2025-05-06 0 -
INE0LEZ01016
₹0 per share

Listing Day Trading Information

Price Details BSE NSE
Final Issue Price ₹304 ₹0
Open ₹0 ₹0
Low ₹0 ₹0
High ₹0 ₹0
Low ₹0 ₹0

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Frequently Asked Questions

What is Ather Energy Ltd IPO?

Answer Field

Ather Energy Ltd IPO is a Mainboard IPO of 9,28,58,600 equity shares of a face value of ₹1 aggregating up to ₹2980.76 Crores. The issue is priced at ₹304 to ₹321 per share. The minimum order quantity is 46 Shares. 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.

When Ather Energy Ltd IPO will open?

Answer Field

The Ather Energy Ltd IPO opens on April 28, 2025 and closes on April 30, 2025.

What is the lot size of Ather Energy Ltd?

Answer Field

Ather Energy Ltd lot size is 46 shares, and the minimum amount required is ₹14,766.

How to apply for Ather Energy Ltd IPO?

Answer Field

You can apply in Ather Energy Ltd IPO online using either UPI or ASBA as 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. To apply for an IPO:

• Login to Bajaj Broking account App/Website & click on IPO

• Enter the number of lots and price at which you wish to apply.

• Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.

• You will receive a mandate notification to block funds in your UPI app.

• Approve the mandate request on your UPI and funds will be blocked.

When is Ather Energy Ltd IPO allotment?

Answer Field

The finalization of Basis of Allotment for Ather Energy Ltd IPO will be done on May 02, 2025, and the allotted shares will be credited to your demat account by May 05, 2025.

When is Ather Energy Ltd IPO listing date?

Answer Field

The Ather Energy Ltd listing date is May 06, 2025.

Who is the registrar of Ather Energy Ltd IPO?

Answer Field

The registrar of Ather Energy Ltd IPO is MUFG Intime India Pvt Ltd

Which company is the book-running lead manager of the IPO?

Answer Field

Axis Capital Ltd,HSBC Securities and Capital Markets (India) P Ltd,JM Finacial Ltd,Nomura Financial Advisory and Securities (India) P will be the book-running lead manager of this IPO.

What is the fresh issue of Ather Energy Ltd IPO?

Answer Field

The fresh issue size is ₹2626 Crores equity shares.

What minimum lot size can retail subscribers subscribe to Ather Energy Ltd?

Answer Field

Retail investors can subscribe to a minimum of one lot, 46 shares and ₹14,766 amount.

How can I approve the UPI mandate request for Ather Energy Ltd IPO?

Answer Field

To apply for Ather Energy Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.

What is the price range of Ather Energy Ltd?

Answer Field

The price of each Ather Energy Ltd share will be ranging in between ₹304 to ₹321 per share.

What is the cut-off time for the UPI mandate for Ather Energy Ltd IPO?

Answer Field

The cut-off time for the UPI mandate confirmation is 5:00 PM, April 30, 2025.

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