Bengaluru-based electric two-wheeler manufacturer Ather Energy is all set to enter the stock market with its much-awaited IPO. This will open for public bidding on April 28 and close on April 30. The company has announced a price band of Rs 304 to Rs 321 per share. This makes it one of the major IPOs to hit the Indian market after a two-month gap.
Ather Energy Plans to Raise Rs 2,981 Crore Through IPO
The total IPO size is estimated at Rs 2,980.76 crore. This includes a fresh issue of shares worth Rs 2,626 crore and an offer for sale (OFS) of 1.1 crore equity shares by existing shareholders. The OFS will include shares from co-founders Tarun Mehta and Swapnil Jain, as well as early investors. The OFS portion alone is expected to bring in around Rs 354.8 crore. The original plan was to raise Rs 4,000 crore, but the current issue size reflects a more focused funding strategy.
The money raised through this IPO will help Ather expand its business. Plans include building a new electric two-wheeler plant in Maharashtra, for which Rs 927.2 crore has been allocated. Ather will also use Rs 40 crore to repay existing loans. Around Rs 750 crore will be directed towards research and development, while Rs 300 crore will go into marketing. The remaining funds will support daily operations. These plans will roll out over the next three financial years, from FY26 to FY28. Ather will continue to focus on improving its battery technology and enhancing Atherstack, its software system that powers smart features like ride tracking and navigation.
Second Pure-Play EV Firm to Go Public After Ola Electric
With this IPO, Ather Energy becomes the second electric vehicle company in India to go public, after Ola Electric. This move is significant because India has seen very few IPOs in 2025 so far. Only nine companies have gone public this year, raising Rs 15,722 crore, which is much lower than the Rs 1.6 lakh crore raised in 2024. The IPO’s anchor investor round will open on April 25, and the stock is expected to list on May 6. Axis Capital, HSBC, JM Financial, and Nomura are managing the issue, while Link Intime India is the registrar.
Ather Energy is known for its high-performance electric scooters like the Ather 450 and the newly launched Ather Rizta. The company makes its own battery packs using imported lithium-ion cells but outsources other parts like chassis and electronics. By December 2024, Ather held an 11% market share in India’s electric two-wheeler segment. However, its operations are still centered mostly in South India, with 48% of its retail centers located there, contributing to 68% of its total sales. For the nine months ending December 2024, the company earned Rs 1,578.9 crore in revenue, up from Rs 1,230.4 crore the previous year. Its net loss also reduced to Rs 577.9 crore from Rs 776.4 crore.
About Ather Energy and Its Journey
Ather Energy was founded in 2013 in Bengaluru with a vision to create premium electric vehicles designed for Indian roads. Over the years, it has become a strong player in India’s EV industry, focusing on smart technology, performance, and sustainability. With in-house R&D and continuous innovation, Ather is shaping the future of urban mobility in the country. The IPO marks a major milestone in the company’s journey as it looks to reach more markets and customers across India.
