Ather Energy IPO: India's Electric Scooter Pioneer Hits the Stock Market
Ather Energy, a frontrunner in India’s electric two-wheeler segment, is set to launch its Initial Public Offering (IPO) on April 28, 2025. Founded in 2013, the company has been instrumental in driving India’s electric mobility push. The IPO will help fund its expansion and boost its standing in the increasingly competitive EV market.
IPO Details: Fresh Issue + Offer for Sale
Ather’s IPO consists of a fresh issue and an offer for sale (OFS):
Fresh Issue: ₹2,626 crore
Offer for Sale: 1.10 crore equity shares worth ₹354.76 crore
Total Issue Size: ₹2,980.76 crore
Price Band: ₹304–₹321 per share
Lot Size: 46 shares
Minimum Investment: ₹14,766
Open Date: April 28, 2025
Close Date: April 30, 2025
Listing Date: May 6, 2025
Exchanges: BSE and NSE
Objects of the Issue
Proceeds from the fresh issue will be used for:
New Manufacturing Facility: ₹927.2 crore (32.62%) for a plant in Maharashtra
R&D: ₹750 crore (25.15%) to boost product innovation
Marketing: ₹300 crore (10.06%) to expand brand reach
Debt Repayment: ₹40 crore (1.34%)
General Corporate Use: Remaining funds
Offer for Sale Details: Selling Shareholders
Promoters
Tarun Mehta (CEO): 10,00,000 shares (~₹32.1 crore)
Swapnil Jain (CTO): 10,00,000 shares (~₹32.1 crore)
Institutional/Corporate Investors
Caladium Investment Pte Ltd: 1,05,20,000 shares (~₹337.7 crore)
NIIF II: 46,16,519 shares (~₹148.2 crore)
Internet Fund III (Tiger Global): 40,00,000 shares (~₹128.4 crore)
3State Ventures Pte. Ltd.: 4,80,000 shares (~₹15.4 crore)
IITM Incubation Cell: 3,10,495 shares (~₹10 crore)
IITMS Rural Tech Incubator: 41,910 shares (~₹1.3 crore)
Individuals
Amit Bhatia: 18,531 shares (~₹59.5 lakh)
Karandeep Singh: 13,311 shares (~₹42.7 lakh)
Notably, Hero MotoCorp, Ather's largest shareholder (37.2% stake), is not participating in the OFS—signaling confidence in Ather’s growth trajectory.
Company Overview
Founded by Tarun Mehta and Swapnil Jain, Ather designs and manufactures electric scooters, battery packs, and related software. Known for the Ather 450 series and the recently launched Ather Rizta, the brand offers smart features like touchscreen dashboards and internet connectivity.
As of December 31, 2024, Ather operates:
India: 265 Experience Centres, 233 Service Centres
Nepal: 5 Experience Centres, 4 Service Centres
Sri Lanka: 10 Experience Centres, 1 Service Centre
Financials: Revenue Growth Amidst Narrowing Losses
Ather’s financials show solid revenue growth, with signs of narrowing losses:
Rs. in crore | FY22 | FY23 | FY24 | 9M FY25 |
|---|---|---|---|---|
Revenue | ₹408.9 | ₹1,780.9 | ₹1,753.8 | ₹1,578.9 |
Net Loss | ₹344.1 | ₹864.5 | ₹1,059.7 | ₹577.9 |
The launch of the Ather Rizta has notably contributed to revenue growth and reduced losses.
Conclusion
Ather Energy’s IPO offers a chance to invest in India’s evolving EV space. With a strong lineup, growing footprint, and emphasis on innovation, the company is poised to benefit from the shift to electric mobility. Still, investors should carefully evaluate Ather’s financials and the competitive landscape before committing.
More Related Articles
BlueStone Jewellery & Lifestyle IPO: Everything You Need to Know
8 August 2025 | 5 mins read
After trimming its size, BlueStone Jewellery’s ₹1,540.65 crore IPO is set to open for public bidding from August 11th to August 13th, 2025. Blue Stone IPO marks a major milestone for the digital-first fine jewellery brand and gives investors a chance to invest in a rising consumer lifestyle play with strong omni-channel presence.
JSW Cement IPO: Everything You Need to Know
7 August 2025 | 4 mins read
After pricing its IPO conservatively, JSW Cement's ₹3,600 crore IPO is set to open for public bidding between August 7th and August 11th, 2025. Backed by the diversified JSW Group, this JSW Cement IPO offers investors exposure to one of India’s fastest-growing cement players. At the upper price band of ₹147, the company is valued at approximately ₹19,600 crore.
NSDL IPO: Everything You Need to Know about the IPO opening on July 30
28 July 2025 | 5 mins read
After conservative pricing, NSDL’s ₹4,000 crore IPO is set to open for public bidding. This marks India’s second depository to go public, with a valuation of ₹16,000 crore. Backed by marquee institutions like NSE and IDBI Bank, NSDL’s IPO offers investors a rare chance to own a stake in India’s largest depository and a core pillar of the country’s financial market infrastructure.