Ather Energy’s IPO price band is ₹304-321 which can be applied for a minimum of 46 equity shares and its multiples thereafter.

Two wheeler EV maker Ather Energy’s initial public offering (IPO) saw an overall subscription of 28 per cent on its second day. The IPO saw a 3.18 times subscription for the employee reserved portion and a 1.12 times subscription from retail investors. The non-institutional investor (NII) category saw 27 per cent of its allocated shares subscribed.

There were no bids from the Qualified Institutional Buyers.

The Hero-Motocorp backed company plans to raise ₹2,981 crore from the IPO which comprises a ₹2,626-crore fresh issue and an offer-for-sale (OFS) of 1.1 crore equity shares by the promoters and other existing shareholders for ₹354.75 crore. The company has already mobilised ₹1,340 crore from anchor investors including Franklin Offshore, Morgan Stanley, Aditya Birla Sun Life MF, ICICI Prudential MF, Invesco MF among others. It plans to use the proceeds from the offering to scale its manufacturing facilities and also invest in R&D and marketing initiatives.

Ather Energy’s IPO price band is ₹304-321 which can be applied for a minimum of 46 equity shares and its multiples thereafter.

Incorporated in 2013, the company had previously raised $502 million in 19 rounds of funding and had an estimated valuation of $714 million, according to data from tracxn.

The IPO will unlock ₹530 crore for its 1,300 employees who under the company’s employee stock option plan (ESOP) own around 16.5 million shares, according to the red herring prospectus.

Ather Energy will be the second electric two-wheeler company looking to go public after Ola Electric Mobility floated its ₹6,145-crore IPO in August last year. Ola Electric’s IPO had a fresh issue of up to ₹5,500 crore and an OFS of up to 8.5 crore equity shares.

The IPO will be open until 30th of April.

Inputs from businessline intern Rohan Das

Published on April 29, 2025