Ather Energy is a pioneer in the Indian electric two-wheeler (“E2W”) market and a pure play EV company that sells E2Ws and the associated product ecosystem, comprised of the software, charging infrastructure and smart accessories, all of which are conceptualised and designed by them in India.

Ather Energy, an Book Built Issue amounting to ₹ 2,980.76 Crores, consisting an Fresh Issue of 818.06 Lakh Shares worth ₹ 2,626.00 Crores and an Offer for Sale of 110.51 Lakh Shares totaling to ₹ 354.76 Crores. The subscription period for the Ather Energy IPO opens on April 28, 2025, and closes on April 30, 2025. The allotment is expected to be finalized on or about Friday, May 02, 2025, and the shares will be listed on the BSE & NSE with a tentative listing date set on or about Tuessday, May 06, 2025.

The Share Price Band of Ather Energy IPO is set at ₹ 304 to ₹ 321 per equity share. The Market Capitalisation of the Ather Energy Limited at IPO price of ₹ 321 per equity share will be ₹ 11,955 Crores. The lot size of the IPO is 46 shares. Retail investors are required to invest a minimum of ₹ 14,766, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (644 shares), amounting to ₹ 2,06,724.

Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead manager of the Ather Energy IPO, while MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) is the registrar for the issue. 

Ather Energy Limited IPO GMP Today
The Grey Market Premium of Ather Energy Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Ather Energy Limited IPO Live Subscription Status Today: Real-Time Update
Ather Energy IPO will be open for its subscription on 28 April, 2025.

Ather Energy Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
23 April 2025	₹ 321	₹ 321	₹ 0 (0.00%)	03:00 PM; 23 Apr 2025

Ather Energy Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Ather Energy IPO allotment date is 02 May, 2025, Friday. Ather Energy IPO Allotment will be out on 2nd May, 2025 and will be live on Registrar Website from the allotment date. Check Ather Energy IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Ather Energy Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Ather Energy Limited IPO
Ather Energy proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 9,272.00 Million is required for Capital expenditure to be incurred by the Company for establishment of an E2W factory in Maharashtra, India;
2. ₹ 400.00 Million is required for Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company;
3. ₹ 7,500.00 Million is required for Investment in research and development;
4. ₹ 3,000.00 Million is required for Expenditure towards marketing initiatives; and
5. General corporate purposes.

Refer to Ather Energy Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Ather Energy Limited

Business Overview

Ather Energy is a pioneer in India’s electric two-wheeler (E2W) market, as per the CRISIL Report, and operates as a pure-play EV company. The company designs and sells E2Ws along with a comprehensive ecosystem of software, charging infrastructure, and smart accessories, all conceptualised and developed in India.

Founded in 2013 by Tarun Sanjay Mehta and Swapnil Babanlal Jain, Ather Energy focuses on in-house technology development. Core components such as motor controllers, transmissions, dashboards, and vehicle control units are designed internally and outsourced for manufacturing, excluding battery packs (manufactured in-house), and portable chargers and motors (supplier-made).

The Atherstack software, powering all E2Ws, is developed fully in-house. As of December 31, 2024, sales stood at 109,577 units for FY24 and 107,983 units for the nine months ended December 31, 2024, ranking the company as the third and fourth largest E2W player by volume, respectively, per CRISIL.

The product lineup includes:

• Ather 450 series – performance-focused.

• Ather Rizta, launched in April 2024, catering to families with India-first features like traction control, voice commands via Alexa, WhatsApp dashboard notifications, and up to 56L of storage.

Ather Energy was also the first 2W OEM in India to set up a fast-charging network, branded as Ather Grid. The Atherstack software offers 69 features, including Over-The-Air (OTA) updates and ride analytics via the Ather app.

Manufacturing takes place at the Hosur Factory, Tamil Nadu, with a capacity of 420,000 E2Ws and 379,800 battery packs annually (as of December 31, 2024). The upcoming Factory 3.0 in Chhatrapati Sambhajinagar aims to scale total capacity to 1.42 million E2Ws.

The company employs an asset-light distribution model, with 265 experience centres and 233 service centres in India, and a growing presence in Nepal and Sri Lanka. The business strategy emphasizes capital efficiency, technological control, and operational flexibility.

The company have 1,575 on-roll employees, as of December 31, 2024. The Bankers to the Company are Axis Bank Limited and The Hongkong and Shanghai Corporation Limited.

Industry Analysis

Indian Two-Wheeler Industry Overview

India is the world’s largest two-wheeler market by volume, with 18.4 million domestic sales in FY24, accounting for 73% of the total auto market. This share increased to ~75% in Apr–Dec FY25. The industry includes motorcycles, scooters, and mopeds, with motorcycles contributing 62% and scooters 36% of sales during this period.

Growth Trends and Electrification

• From FY09 to FY24, the industry grew at a 6.2% CAGR, peaking at 21.2 million units in FY19.

• Over the last 5 years, ICE vehicles declined at a 3.7% CAGR, while EV sales surged at 101.7% CAGR, albeit from a low base.

• EV penetration reached 5.5% with 0.84 million units sold in Apr–Dec FY25.

Seasonality Insights

Sales peak during Jan–Mar and Sep–Dec, driven by festive buying and year-end stock dispatches. April–July sees a dip due to post-festival inventory correction and the monsoon season.

Segmental Shifts

• Motorcycles: Share dropped from 78% in FY09 to 62% in FY25 (Apr–Dec).

• Scooters: Gained share, from 15% in FY09 to 36% in FY25.

• Mopeds: Maintained a small but stable share (~2.6%).

Electrification Outlook (FY25–FY31)

EV sales are expected to grow at ~41% CAGR, reaching ~10.3 million units by FY31 if incentives like FAME continue till FY26. This would push EV penetration to ~35%.

• Scooters will lead with EV penetration expected to hit ~70% by FY31 due to wider product range and better affordability.

• Motorcycles are projected to reach ~10% penetration by FY31 as more electric models launch.

• In an optimistic scenario, EV sales could grow at ~44% CAGR to 12.3 million, with overall penetration hitting ~40%.

Battery Technology Overview

Lithium-ion batteries are central to EVs, comprising cells, modules, and systems like BMS and thermal management. These batteries store and distribute energy to power the vehicle and its subsystems.

Business Strengths

1. Technological First-Mover Advantage
Introduced multiple industry-first features in the E2W segment, including touchscreen dashboards, 3G SIM-based connectivity, fast charging, aluminium chassis, and cloud-integrated software (Atherstack). Also pioneered traction control, fall-safe features, OTA updates, and the first high-speed E2W at 80 kmph. Developed the first smart helmet (Halo) and established India’s first E2W fast-charging network (Ather Grid)

2. Premium Positioning with Focus on Quality
Products are positioned at a premium within performance and convenience scooter segments. Conducted 4,535 unique component validation tests as of December 2024. Integrated features like Trip Planner enhance user engagement and product differentiation

3. Software-Driven Ecosystem
The Atherstack software platform powers a connected ecosystem, enabling features such as ride statistics, OTA updates, and real-time product enhancements. Drives customer engagement, improves margins, and creates a feedback loop for innovation.

4. Scalable and Modular Technology Platform
The underlying tech stack—including battery, powertrain, electronics, chassis, and Atherstack—offers modular scalability. Shared architecture accelerates product development timelines (e.g., Ather Rizta in 13 months) while maintaining cost efficiency and quality.

5. Capital-Efficient and Flexible Business Model
Operates with a low cash burn rate and high emphasis on financial discipline. Leverages asset-light distribution and maintains operational flexibility to scale production and adopt new technologies without overinvestment.

6. Strong Management and Governance
Founded and led by Tarun Sanjay Mehta and Swapnil Babanlal Jain, supported by a management team with expertise across engineering, supply chain, manufacturing, and tech. Backed by long-term investors and guided by robust corporate governance practices.

Business Strategies

1. Product Portfolio Expansion via Multi-Product Technology Platforms
Expansion of the electric two-wheeler (E2W) portfolio to target a broader 2W market, especially ICE-dominated segments like performance and convenience scooters, which accounted for 85.3% of the Indian scooter market in FY24.

2. Broaden Distribution Network Domestically and Internationally
Focus on scaling an asset-light distribution model by increasing experience centres and partnering with third-party retailers, especially in underpenetrated regions, to drive cost-effective growth and reach new markets.

3. Enhance Operational Efficiency through Factory 3.0
Establishment of Factory 3.0 to scale production capacity in line with projected E2W demand (10.3–12.3 million units by FY31). Phase-wise construction begins in May 2025, aiming for full capacity of 1 million E2Ws annually post-completion.

4. Strengthen Unit Economics
Improvement of gross margins through BOM cost reduction and enhanced R&D capabilities, while maintaining a premium market position and increasing sales volume to support profitability.

5. Secure Cell Supply Chain via Long-Term Partnerships
Formation of long-term agreements with key battery cell suppliers, including LG Energy Solution and Amara Raja Advanced Cell Technologies, to ensure stable supply and co-develop custom lithium-ion cells for domestic manufacturing.

6. Brand Building and Consumer Engagement
Development of the Ather brand through curated experience centres, digital platforms, software integration, and widespread charging infrastructure. As of December 2024, the brand had 3,562 touchpoints across 314 cities in India, Nepal, and Sri Lanka.

7. Strategic Partnerships and Acquisitions
Exploration of strategic alliances and acquisitions to complement the existing portfolio, enhance service offerings, or expand globally, with integration supported by a robust technology platform. No active agreements as of the latest reporting date.

Business Risk Factors and Concerns

1. Supply Chain Dependency
Ather Energy relies heavily on third-party suppliers for essential EV components, including motors, controllers, chassis, and chargers. Any disruption or loss of key suppliers may result in manufacturing delays and operational disruptions.

2. Market Growth Dependency
Future growth is closely tied to the adoption rate of electric two-wheelers in India. Slower-than-expected market development or reduced EV demand could adversely affect revenue and growth projections.

3. Battery Safety Risks
Battery packs use lithium-ion cells that can catch fire or emit smoke under stress, even if properly manufactured. Past failures, though non-lethal, raise potential risks of litigation, brand damage, and product recalls.

4. Lithium-Ion Cell Supply Risks
Lithium-ion cells are imported primarily from China and South Korea. Supply shortages, price volatility, or quality issues could significantly impact production and cost structures.

5. Import Reliance
The business depends on imported components from countries such as China, Hong Kong, Singapore, and South Korea. Regulatory changes, trade tensions, or economic instability in these regions could disrupt supply chains.

6. Geographic Sales Concentration
Sales are heavily concentrated in South India. Regional disruptions—such as natural disasters, regulatory changes, or civil unrest—could lead to significant revenue losses.

7. Competitive Pressure
The Indian E2W market is highly competitive, with new entrants and established players expanding aggressively. Ather’s ability to innovate, scale, and maintain market share is critical to long-term success

Ather Energy faces key business risks related to supply chain dependency, market growth uncertainty, safety concerns with lithium-ion batteries, import reliance, geographic sales concentration, and intense industry competition. These risks could impact the company’s manufacturing operations, growth trajectory, brand reputation, and financial performance.