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Ather Energy IPO GMP: Ather Energy’s IPO opens today at Rs 304-321 per share, closing on April 30, 2025. Brokerages offer mixed reviews.
Ather Energy IPO opens for subscription today, Monday, April 28.
Ather Energy IPO GMP: Ather Energy’s IPO opens for subscription today, April 28, marking the first significant public issue in recent times. The three-day subscription window for the Rs 2,980.6 crore public issue is available until April 30, 2025.
In this issue, Ather Energy plans to issue fresh shares totaling 8,18,06,853 (worth up to Rs 2,626.76 crore) and offer for sale 1,10,51,746 shares (totaling Rs 2,980.76 crore).
Ather Energy IPO Price Band
The IPO price band is set between Rs 304 to Rs 321 per share, with an employee discount of Rs 30 per share.
Ather Energy IPO GMP Falls Ahead Of Opening
Ather Energy’s grey market premium (GMP) has been declining, indicating decreased investor interest amid market volatility. According to various GMP tracking websites, Ather’s IPO premium stood between Rs 3-5 on April 27, a significant drop from Rs 40 on April 22.
Investors can bid for a minimum of 46 shares and in multiples thereafter.
Ather Energy IPO Allotment And Listing Dates
The allotment of unlisted shares for Ather Energy’s IPO will be finalized on Friday, May 2, 2025. The tentative listing date is set for Tuesday, May 6, 2025, on BSE and NSE.
Ather Energy IPO Review: Brokerages’ Opinions
Brokerage firms have varied opinions on the public offering. Here’s the summary:
Bajaj Broking: Subscribe For Long Term
According to Bajaj Broking, the company has been experiencing consistent losses and has significant accumulated deficits. Its financial performance has led to a negative Price-to-Earnings (PE) ratio, and borrowings were over ₹1,121 crore as of December 31, 2024, which raises concerns. Nonetheless, the company’s strong parentage is a key advantage.
Given the current financial situation, Bajaj Broking considers this a long-term investment and advises only well-informed investors with surplus funds to consider Ather’s IPO for a long-term horizon.
Ventura Securities: Subscribe For Listing Gains
Ventura Securities has given a ‘Subscribe for listing gains’ rating, noting Ather Energy’s premium focus, Ather Grid, and innovation-driven R&D as differentiators from its competitors. The company is undergoing significant capital expenditure with its Ather Factory 3.0, which aims to reach 10 lakh units by mid-FY26, despite challenges like subsidy cuts and low-capacity utilization.
Arihant Capital: Subscribe For Listing Gain
Arihant Capital has recommended a ‘Subscribe for listing gain’ rating, highlighting Ather’s strong position in the rapidly growing electric two-wheeler market in India. This is supported by its early-mover advantage, premium product positioning, and robust in-house R&D and technology ecosystem. Recent launches, such as the Ather Rizta, have expanded its customer base. The upcoming Factory 3.0 will significantly boost production capacity from 420,000 to 1.42 million units by FY27, with ongoing cost-cutting and R&D investments expected to further improve margins.
Nuvama: Not Rated
Following a meeting with Ather Energy’s top management, Nuvama Institutional Equities noted that the company is developing two new platforms—EL (scooter platform) and Zenith (motorcycle platform)—which will broaden its market. The network expansion is ongoing, particularly outside the South region, which constituted 61% of its sales in 9MFY25.
Ather’s capacity is being expanded through its Maharashtra plant, starting with 0.5 million units in Phase 1, eventually reaching 1 million units.
About Ather Energy
Founded in 2013, Ather Energy Limited is an Indian company specializing in electric two-wheelers (E2Ws). They focus on designing, developing, and assembling electric scooters, battery packs, charging infrastructure, and supporting software systems in-house. The company is a vertically integrated EV manufacturer concentrating on product and technology development.
Ather Energy Financials
As of December 31, 2024, Ather Energy’s assets had increased to Rs 2,172 crore, up from Rs 818.6 crore in March 2022. The company’s revenue grew from Rs 413.8 crore in FY22 to Rs 1,617.4 crore in the nine months ending December 2024, showing strong sales momentum. Despite this growth, the company reported a net loss of Rs 577.9 crore for the nine-month period ending December 2024, compared to a loss of Rs 1,059.7 crore in FY24 and Rs 864.5 crore in FY23.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
