Ather Energy shares made a muted debut on the Indian exchanges on Tuesday. The shares listed on the National Stock Exchange at Rs 328 per share, marking a premium of 2.18%. On BSE, the shares listed at Rs 326.05 per share, with premium of 1.57%.

At debut, the company has a market cap of Rs 12,144.05 crore, as per BSE data.

Ather Energy launched its maiden public offer on April 28 and April 30 to raise Rs 2,981 crore. The Tiger Global backed electric scooter maker raised Rs 1,340 crore from anchor investors on April 26 before the IPO opened. SBI Mutual Fund emerged as the largest investor in the anchor round, contributing Rs 310 crore—around 23.1% of the total anchor book.

The first mainboard IPO in two months, the Ather Energy book-built issue was subscribed 1.43 times with qualified institutional buyers (QIBs) coming in on the final day. The QIB portion was subscribed 1.7 times, while retail portion was subscribed 1.78 times. The high net-worth individuals (NIIs) subscribed only 66% of the shares reserved for them, while the portion reserved for employees was oversubscribed 5.43 times.

Ather Energy raised Rs 2,626 crore from the fresh issue of shares in the IPO. Of the net proceeds from this, after deducting the IPO costs, Rs 927.2 crore will be used to fund Ather's new manufacturing plant in Chhatrapati Sambhajinagar, Maharashtra. The EV maker has earmarked Rs 750 crore for R&D, Rs 300 crore for marketing, and Rs 40 crore for debt repayment. These funds will be deployed over FY26 to FY28.

Promoters and early investors are expecting to make significant gains from the Ather Energy IPO. According to the red herring prospectus (RHP), Tiger Global is set to earn a return multiple of 8.3x on its investment. Singapore’s sovereign wealth fund GIC and the National Investment and Infrastructure Fund (NIIF) are expected to clock multiples of 1.6x and 1.7x, respectively.

The public issue is also set to unlock wealth worth Rs 530 crore for over 1,300 employees covered under Ather's employee stock options programme (Esop).