Ather Energy’s initial public offering (IPO) has shown measured progress on its first day of subscription. The ₹2,981.06 crore IPO, one of the largest recent offerings, has witnessed selective investor interest with subscription reaching 0.09 times by 12:49 PM on day one, demonstrating cautious approach toward this electric two-wheeler (E2W) manufacturer that specializes in designing, developing, and assembling electric scooters, battery packs, charging infrastructure, and supporting software systems.
Ather Energy IPO employee reservation segment leads with 1.19 times subscription, while retail investors show moderate interest at 0.42 times, non-institutional investors demonstrate minimal participation at 0.03 times (with small NIIs at 0.07 times performing better than large NIIs at 0.01 times), and qualified institutional buyers show no participation yet at 0 times, reflecting a measured evaluation of this vertically integrated EV company that has sold over 100,000 electric scooters in recent periods despite reporting continued financial losses.
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Subscription Status of Ather Energy IPO:
| Date | QIB | NII | Retail | Employee | Total |
| Day 1 (Apr 28) | 0.00 | 0.03 | 0.42 | 1.19 | 0.09 |
Here are the subscription details for Ather Energy IPO as of Day 1 (April 28, 2025, 12:49 PM):
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
| Anchor Investors | 1.00 | 4,17,45,576 | 4,17,45,576 | 1,340.03 |
| Qualified Institutions | 0.00 | 2,78,30,383 | 0.00 | 0.00 |
| Non-Institutional Buyers | 0.03 | 1,39,15,192 | 3,85,204 | 12.37 |
| – bNII (bids above ₹10L) | 0.01 | 92,76,795 | 58,604 | 1.88 |
| – sNII (bids below ₹10L) | 0.07 | 46,38,397 | 3,26,600 | 10.48 |
| Retail Investors | 0.42 | 92,76,795 | 39,09,908 | 125.51 |
| Employee | 1.19 | 1,00,000 | 1,18,956 | 3.82 |
| Total | 0.09 | 5,11,22,370 | 44,14,068 | 141.69 |
Note:
- “Shares Offered” and “Total Amount” are calculated based on the upper price of the issue price range.
- The portions of anchor investors and market maker are not included in the total shares offered.
Key Highlights:
- Overall subscription opening at modest 0.09 times, showing cautious initial investor approach
- Employee category exceeding full subscription at 1.19 times, demonstrating internal confidence
- Retail investors showing moderate interest at 0.42 times, the strongest among public categories
- Small NII segment (bids below ₹10L) showing limited interest at 0.07 times
- -lLarge NII segment (bids above ₹10L) showing minimal interest at 0.01 times
- QIB segment showing no participation on opening day
- Application count reaching 70,366, indicating widespread retail investor participation despite modest subscription level
- Retail segment driving early subscription with ₹125.51 crores in bids, representing 89% of public subscription
About Ather Energy Limited
Founded in 2013, Ather Energy Limited is a leading Indian electric two-wheeler (E2W) company engaged in designing, developing, and in-house assembling 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, having sold 107,983 E2Ws in the nine months ended December 31, 2024, and 109,577 E2Ws in Fiscal Year 2024.
Ather’s product ecosystem extends beyond vehicles to include Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform featuring 64 connected features as of July 2024. Manufacturing operations are centered 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. The company has established a significant retail and service presence with 265 experience centers and 233 service centers in India, along with additional locations in Nepal and Sri Lanka as of December 2024.
Financial performance shows substantial scale but continued losses, with revenue of ₹1,789.1 crores in FY2024 and loss after tax of ₹1,059.7 crores. For the nine months ended December 31, 2024, the company reported revenue of ₹1,617.4 crores with a loss of ₹577.9 crores.
Highlights of the Ather Energy IPO:
- IPO type: Book Building IPO
- IPO size: ₹2,981.06 crores
- Fresh Issue: 8.18 crore shares aggregating to ₹2,626.30 crores
- Offer for Sale: 1.11 crore shares aggregating to ₹354.76 crores
- Face value: ₹1 per share
- Issue price band: ₹304 to ₹321 per share
- Lot size: 46 shares
- Minimum investment for retail investors: ₹14,766
- Employee reservation: 1,00,000 shares with ₹30 discount per share
- Anchor portion: 4,17,45,576 shares (₹1,340.03 crores raised)
- Listing at: BSE, NSE (Mainboard)
- IPO opens: April 28, 2025
- IPO closes: April 30, 2025
- Allotment date: May 2, 2025
- Listing date: May 6, 2025
