Ather Energy made its market debut on May 6 with a listing price of ₹328 on the NSE, reflecting a premium of 2.18% over its issue price of ₹321. On the BSE, the stock opened at ₹326.05, up 1.57%. The electric two-wheeler maker’s IPO had opened for subscription between April 28 and April 30 and received a positive response from investors across categories.
Retail investors subscribed 1.78 times their allotted portion, while Qualified Institutional Buyers (QIBs) subscribed 1.70 times. The Non-Institutional Investors (NIIs) segment was subscribed 66%, and employee participation was notably high, with 5.43 times subscription.
Ather Energy reported a compound annual growth rate (CAGR) of 107.1% in revenue from FY22 to FY24, reaching ₹1,753.8 crore. Despite a loss of ₹1,059.7 crore in FY24, the company is expected to improve profitability as it leverages EV technology and expands operations.
Founded in 2013, Ather is a leading player in India’s electric two-wheeler (E2W) segment. It offers an integrated ecosystem comprising electric scooters, proprietary software, charging infrastructure, and accessories — all developed in-house.
The company is working on new platforms, including the EL scooter and Zenith motorcycle, while also planning to scale its domestic and international distribution network. Promoters include Tarun Mehta, Swapnil Jain, and Hero MotoCorp.
India’s two-wheeler market is projected to grow at a 7% CAGR till FY31, with electric scooters expected to contribute 70% of total two-wheeler sales by that time.
