Ather Energy shares made a muted market debut on Tuesday, May 6, 2025, following its Rs 2,981 crore initial public offering (IPO). On the National Stock Exchange (NSE), the stock listed at Rs 328, a 2.18% premium over its issue price of Rs 321. Similarly, on the Bombay Stock Exchange (BSE), the shares listed at Rs 326.05, reflecting a 1.57% premium.

The IPO, which closed on April 30, was subscribed 1.5 times, with the company receiving bids for 7.67 crore shares against the 5.11 crore shares on offer. Retail investors subscribed 1.89 times, Qualified Institutional Buyers (QIBs) 1.76 times, and Non-Institutional Investors (NIIs) 0.69 times. The IPO included a fresh issue of Rs 2,626 crore and an offer-for-sale (OFS) of Rs 354 crore, with a price band of Rs 304–Rs 321 per share. Ather Energy’s market capitalisation is approximately Rs 12,300 crore at the upper end of the price range.

Ather Energy intends to use the IPO proceeds for various purposes. Rs 927.2 crore is allocated to establish a new electric two-wheeler manufacturing plant in Maharashtra. Additionally, Rs 750 crore will be invested in Research and Development (R&D), Rs 300 crore in marketing and brand-building efforts, and Rs 40 crore to repay borrowings.

Founded in 2013 by IIT-Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy is a vertically integrated electric vehicle (EV) manufacturer. The company focuses on designing, developing, and assembling electric two-wheelers, battery packs, charging infrastructure, and proprietary software solutions. In FY24, Ather sold 109,577 electric two-wheelers. As of December 2024, Ather had established 265 experience centres and 233 service centres across India, with an expanding international presence in Nepal and Sri Lanka. Ather’s ecosystem includes Ather Grid, a fast-charging network, and Atherstack, a software platform with 64 connected features.

The company manufactures its vehicles at a facility in Hosur, Tamil Nadu, with an annual capacity of 4.2 lakh electric vehicles and 3.8 lakh battery packs, as of March 2024. By February 2025, Ather had registered 303 trademarks, 201 designs, and 45 patents. Ather’s business strategy is built on vertically integrated design and engineering, a software-defined product ecosystem, premium market positioning, and capital-efficient operations. As of March 2024, the company employed 2,454 people, including 1,458 on-roll employees and 996 off-roll staff.