Ather Energy IPO Details, Financials, Valuation & Peers
Explore Ather Energy IPO details, including IPO dates, financial statements, valuation, peer comparison and more.
Overview
Ather Energy Limited is a India's electric two-wheeler (E2W) manufacturer, offering a fully integrated ecosystem of electric vehicles, in-house developed software (Atherstack), public charging infrastructure (Ather Grid), and smart accessories. Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather has focused on product innovation, technology development, and superior user experience, with all core components conceptualized and designed in India. The company introduced India’s first connected electric scooter, the Ather 450, and today offers two major product lines: the performance-focused Ather 450 series and the family-oriented Ather Rizta, launched in 2024. With strong in-house R&D capabilities, a vertically integrated approach to technology, and a robust manufacturing base in Tamil Nadu, Ather is expanding its capacity with a new facility in Maharashtra. Ather operates on an asset-light distribution model and is committed to sustainable growth and responsible governance as part of its ESG strategy.
Key Points:
- Market Position:
- Pioneer in the Indian E2W market; third-largest by volume in FY24.
- Pure-play EV company with a premium positioning.
- Product Portfolio:
- Ather 450 line: Performance-oriented scooters.
- Ather Rizta line: Family-centric scooters with innovations like traction control, Alexa voice commands, and large storage.
- Technological Edge:
- Developed Atherstack software in-house.
- Introduced India’s first connected electric scooter and first 2W fast-charging network (Ather Grid).
- 69 connected features as of Dec 2024.
- Strong IP portfolio: 303 trademarks, 201 registered designs, and 45 patents globally as of Feb 2025.
- Manufacturing and Expansion:
- Battery packs manufactured in-house; other components designed and outsourced for production.
- Manufacturing facilities at Hosur, Tamil Nadu (420,000 E2Ws capacity).
- Expansion underway with Factory 3.0 in Chhatrapati Sambhajinagar, Maharashtra (total capacity of 1.42 million E2Ws post-completion).
- Distribution Model:
- Asset-light, with 265 experience centres and 233 service centres in India.
- International presence through distributors in Nepal and Sri Lanka.
- Sustainability Focus:
- Strong ESG framework and governance.
- Commitment to developing technologies that drive EV adoption and minimize environmental impact.
- R&D Strength:
- 46% of workforce dedicated to R&D as of Dec 2024.
- 731 on-roll R&D employees across three centres in Bengaluru.
Objects of the Issue
- Capital expenditure to be incurred by our Company for establishment of an E2W factory in Maharashtra, India
- Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company;
- Investment in research and development;
- Expenditure towards marketing initiatives
- General corporate purposes.
IPO Details
Discover essential information crucial for understanding an IPO, including the Price Band, Fresh Issue, Offer For Sale, Total IPO Size and more. Explore these key details to gain insight into the company's public offering.
| Fields | Details |
|---|---|
| IPO Dates | 28 Apr - 30 Apr 2025 |
| IPO Price Band | ₹304 - ₹321 per share |
| Fresh Issue | ₹2,626 crore |
| Offer For Sale | 11,051,746 shares (₹354.76 crore) |
| Total IPO Size | ₹2,980.73 crore |
| Face Value | ₹1 |
| Listing On | BSE, NSE |
IPO Timeline
Explore important dates like IPO opening, closing, listing and others, outlining the journey of the Public Offering. This will help you grasp the entire IPO journey effortlessly.
| Event | Date |
|---|---|
| IPO Opening Date | 28 Apr 2025 |
| IPO Closing Date | 30 Apr 2025 |
| Basis Of Allotment | 01 May 2025 |
| Refunds | 02 May 2025 |
| Demat Transfer | 02 May 2025 |
| IPO Listing Date | 05 May 2025 |
Financial Statements
Explore a comprehensive financial data table showcasing key metrics including revenue, expenses, net income, and others. Gain valuable insights about the company's financial performance at a glance, facilitating informed decision-making and strategic planning for subscribing to the IPO.
| Period Ended | 31st March 2022 | 31st March 2023 | 31st March 2024 | Dec 2024 |
|---|---|---|---|---|
| Total Income | 413.80 | 1,801.8 | 1,789.1 | 1,617.4 |
| Total Expenses | 757.9 | 2,666.3 | 2,674.2 | 2,195.3 |
| Net Profit/Loss | -344.6 | -863.9 | -1,062.3 | -579.6 |
| NPM (*) | -83 | -48 | -59 | -36 |
| Total Assets | 818.6 | 1,976.8 | 1,913.5 | 2,172.0 |
| Total Liabilities | 593.7 | 1,363.1 | 1,367.6 | 2,064.0 |
* NPM represents the net profit margin, calculated as a percentage. All other figures are presented in crore (₹cr)
Valuation
Uncover significant valuation metrics such as EPS (Earnings Per Share), ROE (Return on Equity), ROCE (Return on Capital Employed), D/E Ratio (Debt-to-Equity Ratio), Current Ratio, and EBITDA Margin. These key indicators offer insights into the company's financial standing and performance, aiding in informed investment decisions.
| Period Ended | 31st March 2022 | 31st March 2023 | 31st March 2024 | Dec 2024 |
|---|---|---|---|---|
| EPS | -27 | -48 | -47 | -23 |
| ROE (%) | Negative | Negative | Negative | Negative |
| ROCE (%) | -85.01 | -69.95 | -118.69 | -41.81 |
| D/E Ratio | 1.62 | 1.09 | 0.88 | 0.97 |
| Current Ratio | 0.74 | 1.28 | 1.14 | 1.25 |
| EBITDA MARGIN (%) | -62 | -38 | -36 | -23 |
* Compiled from DRHP/RHP for valuation purposes.
Peer Comparison
Compare key financial metrics with industry peers to gain valuable insights into the company's performance compared to its competitors.
| Name | Revenue | P/E | EPS | RoNW | NAV |
|---|---|---|---|---|---|
| Ather Energy Limited | 1,753.8 | -6.83 | -47 | -194 | 24 |
| Hero MotoCorp Limited | 37,788.6 | 20 | 187 | 21 | 884 |
| Bajaj Auto Limited | 44,870.4 | 29 | 273 | 29 | 935 |
| Ola Electric Mobility Limited | 5,009.8 | NA | -4 | -78 | 6 |
| TVS Motors Limited | 39,144.7 | 68 | 36 | 26 | 143 |
| Eicher Motors Limited | 16,535.8 | 37 | 146 | 22 | 657 |
* Revenue in (₹cr), RoNW in (%), EPS, NAV in (₹). P/E ratio is based on the highest price from the IPO price band.
IPO Reservation
| Investor Type | Shares Offered |
|---|---|
| Qualified Institutional Buyer (QIB) | Not more than 10% |
| Non-Institutional Investor (NII/HNI) | Not less than 75% |
| Retail Individual Investor (RII) | Not less than 15% |
Subscription Data from NSE and BSE
| Investor Type | Subscribed |
|---|---|
| Qualified Institutional Buyer (QIB) | 1.76 |
| Non-Institutional Investor (NII/HNI) | 0.69 |
| Retail Individual Investor (RII) | 1.89 |
| Total | 1.5 |
* All figures represent multiples of the subscription. Check subscriptions for other ongoing issues here.
IPO Registrar
MUFG Intime India Private Limited (Formerly known as Link Intime India Private Limited)
Phone: + 91 810 811 4949
Email: ipo.helpdesk@linkintime.co.in
Website: https://linkintime.co.in/
Company Promoters
- TARUN SANJAY MEHTA
- SWAPNIL BABANLAL JAIN
- HERO MOTOCORP LIMITED
Lead Managers
- Axis Capital Limited
- HSBC Securities and Capital Markets (India) Private Limited
- JM Financial Limited
- Nomura Financial Advisory and Securities (India) Private Limited
Company Address
Ather Energy Limited
3 rd Floor, Tower D, IBC Knowledge Park, #4/1 Bannerghatta Main Road, Bangalore 560 029, Karnataka, India
Phone: +91 80 6646 5750
Email: cs@atherenergy.com
Website: www.atherenergy.com
FAQs
- What is the issue size of the Ather Energy IPO?The Ather Energy IPO has an issue size of ₹2,980.73 crore. This includes a fresh issue of ₹2,626 crore and an offer for sale (OFS) of 11,051,746 shares (₹354.76 crore).
- What is the price band of the Ather Energy IPO?The price band for the Ather Energy IPO is ₹304 - ₹321 per share.
- What are the bidding dates for the Ather Energy IPO?The Ather Energy IPO will open for bidding on 28 Apr 2025 and close on 30 Apr 2025.
- What is the allotment date for the Ather Energy IPO?The allotment date for the Ather Energy IPO is 01 May 2025.
- What is the minimum lot size and investment required for the Ather Energy IPO?The minimum lot size for the Ather Energy IPO is 46 shares and the minimum investment required is ₹14,766.
- What is the listing date for the Ather Energy IPO?The listing date for the Ather Energy IPO is 05 May 2025.
- What is the Ather Energy IPO grey market premium?The grey market premium (GMP) for the Ather Energy IPO is currently at ₹0, with an expected listing gain of approximately 0%. Remember, the grey market premium is not an official indicator, but it reflects market perception and demand for the IPO shares.