India’s IPO market is witnessing a revival with Ather Energy Limited, a leading EV player backed by Tiger Global, launching its highly anticipated ₹2,980.76 crore IPO. This will be the first mainboard IPO of FY26 and the first since February 14, 2025.
Ather Energy IPO: 10 key things to know
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IPO Dates: Opens on Monday, April 28 and closes on Wednesday, April 30.
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Anchor Investors: Allocation scheduled for Friday, April 25.
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Issue Size: Total IPO size is ₹2,980.76 crore, comprising a fresh issue of ₹2,626 crore and an OFS of ₹354.76 crore.
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Price Band: Fixed between ₹304 and ₹321 per equity share of face value ₹1.
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Lot Size: 46 equity shares per lot, requiring a minimum investment of ₹13,984.
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Reservation:
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QIBs: 75%
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NIIs: 15%
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Retail Investors: 10%
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Employees: 1 lakh shares at ₹30 discount per share
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Use of Proceeds:
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₹927.2 crore: New EV facility in Maharashtra
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₹40 crore: Debt repayment
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₹750 crore: R&D investments
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₹300 crore: Marketing over FY26–FY28
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IPO Allotment & Listing:
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Allotment: Finalised on May 2
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Refunds: Initiated on May 5
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Listing: Scheduled on May 6 on BSE and NSE
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Business Profile:
Bengaluru-based Ather Energy is a pure-play EV company offering electric two-wheelers and a comprehensive ecosystem including charging infrastructure, software, dashboards, and smart accessories—all largely developed in-house and manufactured via partners. -
Financials & Valuation:
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Loss narrowed to ₹578 crore in 9M FY25 vs ₹776 crore YoY.
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Higher sales from new model Rizta helped.
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Peers: Hero MotoCorp (P/E 20), Bajaj Auto (P/E 29), TVS (P/E 68), Eicher Motors (P/E 37), Ola Electric.
The GMP is currently around 10%, which is positive and reflects decent market interest. However, it’s too early to make a firm decision solely based on GMP, especially considering the evolving market sentiment around tech and EV stocks. While Ather’s IPO carries potential due to its tech-driven model and growing EV adoption in India, it may be better suited for long-term investors than those eyeing quick listing gains.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
