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Ather Energy IPO listing today, Ather Energy share price: Shares of electric vehicle (EV) maker Ather Energy made a lackluster debut on the stock exchanges on Tuesday, May 6, 2025, following the completion of its Initial Public Offering (IPO). Ather Energy shares listed at ₹328 per share on the National Stock Exchange (NSE), reflecting a premium of ₹7, or 2.18 per cent, over its issue price of ₹321 per share. On the BSE, Ather Energy shares listed at a slightly lower premium of ₹5.05, or 1.57 per cent, over the issue price, at ₹326.05 per share.
Ather Energy IPO listing fell short of grey market estimates. Ahead of the listing, the unlisted shares of Ather Energy were trading around ₹335 per share, a premium of ₹14, or 4.36 per cent, over the issue price, revealed sources tracking grey market activities.
Ather Energy IPO listing, Prashanth Tapse, senior VP (Research) at Mehta Equities, said, was justified, as the issue was aggressively priced, especially when benchmarked against peer Ola Electric. Tapse continues to believe that the electric two-wheeler (e2W) segment remains highly competitive and capital-intensive, with most players, including market leaders, struggling to achieve sustainable profitability, raising concerns for new investors.
"Given these facts and risks, we recommend a 'HOLD' rating only for risk-taking investors who are comfortable with short-to-medium-term volatility, while conservative investors may still prefer to wait and watch, allowing the stock to settle at a reasonable valuation post-listing," said Tapse.
"The industry is in a high-growth, high-competition, and high-cash-burning segment, so we can expect high volatility in both business and price action. Hence, investors should be aware of the volatility and risks associated with short-to-medium-term investing."
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Ather Energy IPO details
Ather Energy IPO, the first mainline offering in the mainline segment in Fiscal Year 2025–26 (FY26), received a muted response from investors for its ₹2,981.06 crore offering. The public issue comprised a fresh issue of 81.80 million equity shares and an offer for sale (OFS) with promoters and shareholders divesting up to 11.05 million equity shares.
The public offering, which was available at a price band of ₹304–₹321 per share with a lot size of 46 shares, was open from April 28 to April 30, 2025. It ended up being oversubscribed by 1.43 times. Among individual categories, retail investors subscribed to 1.78 times the portion reserved for them, qualified institutional buyers (QIBs) subscribed 1.70 times, and non-institutional investors (NIIs) subscribed 0.66 times. Meanwhile, the employee quota was oversubscribed by 5.43 times.
Ather Energy will not receive any proceeds from the offer for sale, as these will go to the promoters divesting their stake. However, the company plans to use the proceeds from the fresh issue for capital expenditure related to the establishment of an electric two-wheeler (E2W) factory in Maharashtra, India. Additionally, the proceeds will be used for repayment/pre-payment of certain borrowings, investment in research and development, marketing initiatives, and general corporate purposes. ALSO READ | Yes Bank shares rally 10%, hover near upper circuit: What's driving surge?
Link Intime India served as the registrar for the public offering. The book-running lead managers for the public issue included Axis Capital, HSBC Securities & Capital Markets, JM Financial, and Nomura Financial Advisory and Securities (India).
Ather Energy
Ather Energy, founded by Tarun Mehta and Swapnil Jain in 2013, is an electric vehicle (EV) company that designs and develops its own electric two-wheelers and key components, including batteries, software, charging infrastructure, and accessories. The company's flagship models are the Ather 450 series and Ather Rizta series, which cater to different segments. Ather’s Atherstack operating system integrates features like navigation, diagnostics, and over-the-air updates.
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