Ashish Kumar Chauhan, MD and CEO, NSE presenting the memento to Tarun Mehta, Executive Director & Chief Executive Officer, Ather Energy Ltd and Swapnil Jain, Executive Director & Chief Technical Officer, Ather Energy Ltd, during the listing ceremony of Ather Energy at NSE

Ather Energy made a lukewarm debut on Dalal Street, with its shares listing at ₹328 on the NSE, a modest 2.18 per cent premium over the issue price of ₹321. The stock slipped throughout the day, closing 8.54 per cent lower at ₹300.

During its first trading session, Ather’s stock touched an intraday high of ₹333 and a low of ₹299.10 at the NSE.

On BSE, the stock listed at ₹326.05 at 1.6 per cent premium and closed at ₹302.50, a 7.22 per cent decline.

“Ather Energy made a muted debut on the stock market, opening with a modest 2 per cent gain before slipping 8 per cent intraday to close at approximately ₹303 — below its lower issue price of ₹304. The IPO saw a lukewarm response, with the retail portion subscribed just 1.89 times and the HNI segment at a mere 0.69 times. The stock’s weak listing and subsequent dip reflect cautious investor sentiment around its steep valuation. However, continued downward pressure could help realign its valuation, potentially making it more attractive to value-conscious investors” said Gaurav Garg, Lemon Markets Desk

The electric two-wheeler manufacturer had launched a ₹2,981-crore initial public offering (IPO), which was subscribed 1.43 times . Thanks to last day interest by  qualified institutional buyers (QIBs), the IPO sailed through. The quota allotted for QIBs was subscribed 1.7 times, while the non-institutional investors’ portion remained undersubscribed at 66 per cent.

However, the subscription was dominated by the employee reserved portion that witnessed 5.43 times subscription while the portion reserved for retail investors received bids for 1.78 times.

The proceeds are expected to be allocated towards scaling the company’s manufacturing facilities and for investments in R&D and marketing initiatives.

Ather Energy is the second electric two-wheeler company to go public after Ola Electric Mobility floated its ₹6,145-crore IPO in August last year. Unlike Ather, Ola Electric had debuted at a discount on the BSE at ₹75.99 and flat on the NSE at ₹76 — equal to its issue price.

Report filed by businessline Intern Rohan Das

Published on May 6, 2025