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Ather Energy IPO
Price Band
₹304.0–321.0
Issue Size
₹2980.76 Cr
Lot Size
46 shares
Min Investment
₹14,766
GMP
+₹12.0 (3.74%)
Issue Price
₹321.0
Subject to Sauda
₹400
Paid only if allotted
Ather Energy IPO AI Summary
- Ather Energy IPO is listed on BSE, NSE.
- Price band: ₹304.0–₹321.0 per share, lot size 46 shares (min. investment ₹14,766).
- Subscription window: 28 Apr–30 Apr 2025, listing on 06 May 2025.
- Current GMP is +₹12.0 (3.74%), an estimated listing price of ₹333 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Ather Energy IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 30 Apr 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Ather Energy IPO Grey Market Premium (GMP) Today
GMP
+₹12.0
GMP %
+3.74%
Est. Listing
₹333.0
Updated: 25 Jul 2026 14:30
About the Company
Ather Energy Limited, incorporated in 2013, is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly 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. The company sold 107,983 E2Ws and 109,577 E2Ws in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. As of December 31, 2024, we had 265 experience centres and 233 service centres in India, five experience centres and four service centres in Nepal, and ten experience centres and one service centre in Sri Lanka. The company's product ecosystem includes Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform with 64 connected features as of July 2024. Manufacturing is carried out 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. As of February 28, 2025, globally, the company had 303 registered trademarks, 201 registered designs and 45 registered patents, in addition to pending applications for 102 trademarks, 12 designs and 303 patents. Ather’s strategy is built on four pillars: Vertically integrated design and engineering, A software-defined product ecosystem, Premium market positioning and Capital-efficient operations. As of March 31, 2024, Ather Energy employed 2,454 people, including 1,458 on-roll employees and 996 off-roll staff.
Company Financials (₹ Cr)
As of 2024-12-31
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 2,172.00 | 1,913.50 | 1,976.80 | 818.60 |
| Total Income | 1,617.40 | 1,789.10 | 1,801.80 | 413.80 |
| Profit After Tax | -577.90 | -1,059.70 | -864.50 | -344.10 |
| NET Worth | 108.00 | 545.90 | 613.70 | 224.90 |
| Reserves and Surplus | 104.10 | 545.10 | 613.10 | 224.20 |
| Total Borrowing | 521.60 | 314.90 | 485.20 | 298.40 |
Key Ratios
EPS
₹-47.00
NAV
₹24.00
RoNW
-194%
Market Cap
₹11955.96 Cr
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Eicher Motors Ltd. | 657 | 22% | 37 | 146 | 146 |
| Tvs Motor Company Ltd. | 143 | 26% | 68 | 36 | 36 |
| Ola Electric Mobility Limited | 6 | -78% | — | -4 | -4 |
| Bajaj Auto Ltd. | 935 | 29% | 29 | 273 | 273 |
| Hero Motocorp Ltd. | 884 | 21% | 20 | 187 | 187 |
| Ather Energy Limited This IPO | 24 | -194% | — | -47 | -47 |
Promoters
Tarun Sanjay Mehta, Swapnil Babanlal Jain and HMCL
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure to be incurred by the Company for establishment of an E2W factory in Maharashtra, India. 927.20 2 Repayment/pre-payment, in full or part, of certain borrowings availed by the Company. 40.00 3 Investment in research and development. 750.00 4 Expenditure towards marketing initiatives. 300.00 5 General Corporate Purposes 492.20 6 Issue Expenses 132.80 Total 2,642.20
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹413.80 Cr in the period ending March 31, 2022, rising to ₹1,801.80 Cr by March 31, 2023, then slightly increasing to ₹1,789.10 Cr by March 31, 2024. However, in the most recent period ending December 31, 2024, total income decreased to ₹1,617.40 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was a loss of ₹344.10 Cr in the period ending March 31, 2022, which worsened to a loss of ₹864.50 Cr by March 31, 2023. The loss continued to increase to ₹1,059.70 Cr by March 31, 2024, before narrowing to a loss of ₹577.90 Cr in the most recent period ending December 31, 2024.
Valuation
Ather Energy's implied P/E at the issue price is not directly calculable from the provided data, as it shows a loss per share (EPS) of ₹-47.00. Comparatively, peers like Bajaj Auto Ltd. trade at a P/E of 29, while Hero Motocorp Ltd. trades at 20.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which shares are expected to trade in the unofficial market before listing. A positive GMP suggests that the shares may list at a premium to the issue price, while a negative GMP indicates the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals. It's essential to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who prefer stable earnings and low-risk investments may want to avoid this IPO, especially given the company's current financial losses and negative profitability metrics.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While a positive GMP may indicate potential for listing gains, there are no guarantees. Market conditions, investor sentiment, and overall demand can significantly influence the stock price on the day of listing.
This evaluation is generated from Ather Energy's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Ather Energy IPO GMP today?
Ather Energy IPO GMP today is +₹12.0 (3.74%), indicating an estimated listing price of ₹333. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Ather Energy IPO?
The price band of Ather Energy IPO is ₹304.0–₹321.0 per share.
When does Ather Energy IPO open and close?
Ather Energy IPO opens on 28 April 2025 and closes on 30 April 2025.
When does Ather Energy IPO list on the stock exchange?
Ather Energy IPO listed on 06 May 2025 at ₹333.0.
What is the lot size for Ather Energy IPO?
The lot size for Ather Energy IPO is 46 shares, requiring a minimum investment of ₹14,766.
What is the lot size for this IPO?
The lot size for Ather Energy's IPO is 46 shares.
What is the minimum investment required?
The minimum investment required is ₹14,766.
What is the price band for the IPO?
The price band for the IPO is ₹304.00 to ₹321.00.
When is the listing date for the IPO?
The listing date for the IPO is May 6, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium or discount at which shares may trade in the grey market prior to listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
28 Apr 2025
Close
30 Apr 2025
Allotment
02 May 2025
Listing
06 May 2025
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