Ather Energy Limited IPO Snapshot
IPO Dates: April 28–30, 2025
Listing At: BSE, NSE
Face Value: ₹1 per share
Price Band: ₹304–321 per share
Issue Size: 9.28Cr shares (₹2,980.76Cr)
Lot Size: 46 shares (Min: ₹14,766)
Key Dates
Tentative Allotment: Fri, May 2, 2025
Refunds Initiation: Mon, May 5, 2025
Demat Credit: Mon, May 5, 2025
Tentative Listing Date: Tue, May 6, 2025
Company Overview
Founded in: 2013 by Tarun Mehta and Swapnil JainElectric Scooters – 450X, 450S models
Pure-play EV company specializing in electric scooters (E2Ws) and their integrated ecosystem including software, smart accessories, and charging infrastructure
Product Portfolio
Performance Scooters – Ather 450 Series
Convenience Scooters – Ather Rizta Series
Software – Atherstack
Charging Infrastructure
Key Strengths
Vertical integration (design to manufacturing)
Strong brand in premium EV segment
Proprietary charging network (AtherGrid)
Risks Involved
Heavy reliance on suppliers and imports, especially from China. Disruptions could delay production.
Subsidy cuts (e.g., FAME, PM E-DRIVE) could raise prices and hurt demand.
Consistent losses since inception.
Price pressures from competitors may erode margins.
Financial Highlights (₹Cr)
| Period | Dec-24 | Mar-24 | Mar-23 |
| Revenue | 1,617 | 1,789 | 1,802 |
| PAT | -578 | -1,060 | -865 |
| Net Worth | 108 | 546 | 614 |
| Debt | 521.6 | 315 | 485 |
IPO Objectives
New EV factory in Maharashtra (₹9,272Cr)
Debt repayment (₹400Cr)
R&D investment (₹7,500Cr)
Final Verdict
Listing Gains
The company is struggling financially, and the market is very competitive. But because of the EV sector boom and Hero Motocorp’s support, the stock could still see listing gains. I’m not saying ‘definitely apply,’ but the EV hype and strong backing might push the price up after listing
Long-Term
Market Sentiment: Mixed for loss-making EVs
Positives: Strong tech, Hero MotoCorp backing
Risks: Heavy losses (-₹1,060Cr FY24), premium valuation
High-risk bet on India’s EV growth story
Retail investors: Wait for post-listing stability
Disclaimer: This blog post is for informational purposes only. Please consult your financial advisor before making any investment decisions.
Chandan Pathak
Equity Research Analyst