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Ather Energy’s IPO is complete. Its final offer was valued at up to ₹29,808 million (₹2,980.8 crore) at ₹321 per share—not the earlier $530 million headline. Ather itself was due to receive ₹26,260 million from newly issued shares; up to ₹3,548 million came from existing shareholders selling shares. Trading was scheduled to begin on or about May 6, 2025.
What was Ather Energy’s final IPO size?
The final prospectus, dated April 30, 2025, set the offer price at ₹321 per share, including a ₹320 premium over the ₹1 face value. It valued the total offer at up to ₹29,808 million, or ₹2,980.8 crore. The earlier $530 million figure referred to a proposed offering, not the final terms; the final prospectus stated the offer in rupees.
| Final offer component | Shares | Amount | Who received the proceeds? |
|---|---|---|---|
| Fresh issue | 81,816,199 | ₹26,260 million (₹2,626 crore) | Ather Energy |
| Offer for sale | 11,051,746 | Up to ₹3,548 million (₹354.8 crore) | Existing shareholders selling shares |
| Total offer | 92,867,945 | Up to ₹29,808 million (₹2,980.8 crore) | Split between the company and selling shareholders |
The fresh issue created new shares and brought capital into Ather. The offer for sale transferred existing shares to IPO investors; its proceeds went to the selling shareholders, not to the company. The figures and price are the final prospectus terms, not a current market price.
How did the final terms differ from the proposal?
The September 2024 draft proposed a ₹3,100 crore fresh issue and an offer for sale of up to about 22 million shares. By the final prospectus, the fresh issue had fallen to ₹2,626 crore and the offer for sale to 11,051,746 shares. The final prospectus’s exact counts and amounts are more precise than the rounded share figure reported for the earlier proposal.
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| Term | September 2024 proposal | Final terms |
|---|---|---|
| Fresh issue | ₹3,100 crore | ₹2,626 crore (₹26,260 million) |
| Offer for sale | Up to about 22 million shares | 11,051,746 shares, for up to ₹3,548 million |
| Total offer value | Earlier coverage described the proposal as about $530 million; a comparable final value was not stated in the September 2024 report. | Up to ₹29,808 million (₹2,980.8 crore) |
The ₹530 million headline, the draft’s ₹3,100 crore fresh issue and the final ₹2,626 crore fresh issue describe different things at different stages. The final prospectus is the source for the completed offer’s price, share counts and rupee value.
When did Ather Energy list?
On May 5, 2025, the exchange basis-of-allotment announcement said Ather had received listing and trading approvals from BSE and NSE. It said trading would commence on or about May 6, 2025. The announcement cautioned: “THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF ATHER ENERGY LIMITED.”
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What did Ather disclose about its business and risks?
Ather’s prospectus describes electric two-wheelers in its Ather 450 and Rizta lines and names Tarun Sanjay Mehta, Swapnil Babanlal Jain and Hero MotoCorp Limited as promoters. Its risk summary identifies the following as risks disclosed by the issuer:
- Dependence on third-party suppliers for components and cells.
- Negative operating cash flow.
- Revenue concentration in the Ather 450 and Rizta product lines.
- Geographic sales concentration in southern India.
The prospectus’s historical financial and concentration figures give context to those disclosures; they are not current performance measures:
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| Measure | Reported figure and period |
|---|---|
| Revenue from operations | ₹15,789 million for the nine months ended December 31, 2024; ₹17,538 million for the fiscal year ended March 31, 2024 |
| Loss before tax | ₹5,779 million for the nine months ended December 31, 2024; ₹10,597 million for the fiscal year ended March 31, 2024 |
| Net cash used in operating activities | ₹7,171 million for the nine months ended December 31, 2024; ₹2,676 million for the fiscal year ended March 31, 2024 |
| Ather 450 and Rizta share of operating revenue | 88% for the nine months ended December 31, 2024; 90% for FY2024; 80% for FY2023 |
| Southern zones’ share of sales volumes | 61% for the nine months ended December 31, 2024; 68% for FY2024 |
Key dates in the offering
- September 2024: The draft prospectus proposed a ₹3,100 crore fresh issue and an offer for sale of up to about 22 million shares.
- April 23, 2025: SEBI’s filing index records the Red Herring Prospectus date. Contemporary reporting said the fresh issue had been reduced to ₹2,626 crore and the offer for sale to roughly 11 million shares.
- April 30, 2025: The final prospectus stated the ₹321 offer price and total offer value of up to ₹29,808 million.
- May 5, 2025: The exchange announcement confirmed BSE and NSE listing and trading approvals and said trading would begin on or about May 6.
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