About Ather Energy:
The company is a pure-play EV manufacturer offering electric two-wheelers (E2Ws) and a fully integrated product ecosystem, including proprietary software, charging infrastructure, and smart accessories, all designed in India. It manufactures battery packs in-house using lithium-ion cells from suppliers, while other components are outsourced. Chargers and motors are procured from specialized suppliers. E2Ws are assembled in-house and include two product lines—the Ather 450 and Ather Rizta—across seven variants. Its in-house AtherStack software enhances navigation, safety, productivity, and ride assistance.
About the Industry in which Ather Energy operates:
As per the CRISIL Report, India led the global motorised two-wheeler market in FY24 with 18.4 million units sold, 16% of which were exports. Export share rose to 17% in the nine months ending December 2024. Demand for premium 2Ws, especially 125 cc and above, has grown between FY19 and FY24. Electric two-wheeler sales are expected to reach ~10.3–12.3 million units by FY31, driven by EV launches, government incentives, infrastructure growth, battery cost reduction, and local value chain improvements.
| Important Information and Timelines of the IPO of Ather Energy: | |
|---|---|
| Open Date | 28 April 2025 |
| Close Date | 30 April 2025 |
| Total Issue Size – Number of Shares | 92858599 |
| Minimum Bid Price | 304 |
| Maximum Bid Price | 321 |
| Lot Size | 46 |
| Basis of Allotment | 2 May 2025 |
| Initiation of Refunds and Credit of Shares to Demat | 5 May 2025 |
| Listing Date | 6 May 2025 |
| Listing Exchange(s) | NSE and BSE |
Minimum and Maximum Lot Sizes for the IPO of Ather Energy:
| Category | Lots | Shares | Amount (in ₹) |
|---|---|---|---|
| Retail – Minimum | 1 | 46 | 14766 |
| Retail – Maximum | 13 | 598 | 191958 |
| sHNI – Minimum | 14 | 644 | 206724 |
| sHNI – Maximum | 67 | 3082 | 989322 |
| bHNI – Minimum | 68 | 3128 | 1004088 |
Objective of the IPO of Ather Energy:
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Capital expenditure to be incurred by the company for setting up an electric two-wheeler (E2W) manufacturing facility in Maharashtra, India.
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Repayment or pre-payment, either in full or in part, of certain borrowings availed by the company.
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Investment in research and development activities.
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Expenditure related to marketing and promotional initiatives.
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Allocation towards general corporate purposes.
Financials of Ather Energy:
Here’s the data presented in a tabular format for better clarity:
| Particulars | As at and for nine months ended Dec 31, 2024 | As at and for nine months ended Dec 31, 2023 | As at and for the Financial Year ended Mar 31, 2024 | As at and for the Financial Year ended Mar 31, 2023 | As at and for the Financial Year ended Mar 31, 2022 |
|---|---|---|---|---|---|
| Equity Share Capital (₹) | 3,08,07,396 | 2,41,640 | 2,41,640 | 2,41,640 | 2,41,440 |
| Instruments entirely equity in nature | 8 | 8 | 8 | 6 | 7 |
| Net Worth | 1,080 | 8,435 | 5,459 | 6,137 | 2,249 |
| Revenue from operations | 15,789 | 12,304 | 17,538 | 17,809 | 4,089 |
| Loss for the period/year | (5,779) | (7,764) | (10,597) | (8,645) | (3,441) |
| Basic Earnings per Share (₹) | (23)^ | (36)*^ | (47)* | (48)* | (27)* |
| Diluted Earnings per Share (₹) | (23)^ | (36)*^ | (47)* | (48)* | (27)* |
| Net Asset Value (NAV) per Equity Share (₹) | 4^ | 39*^ | 24*^ | 34*^ | 18*^ |
| **Current Borrowings ** | 9,614# | 2,210 | 2,840 | 3,647 | 1,897 |
| **Non-current Borrowings ** | 1,602 | 780 | 309 | 1,205 | 1,087 |
| **Total Borrowings ** | 11,216# | 2,990 | 3,149 | 4,852 | 2,984 |
For more details on the IPO, refer to the DRHP here.
Did you know that you can now Pre-Apply for an IPO on Dhan? You can place your IPO Bid on Dhan and the order will be pushed to the Exchange as soon as the Bidding starts for Ather Energy. You will receive a UPI mandate after 10:00 AM on 28 April 2025.
###1. How to apply for the IPO of Ather Energy on Dhan?
You can apply for the IPO of Ather Energy from either Dhan Mobile App or Web
On Dhan Mobile App you can find the IPO under the Money Section > IPO Tab
On Dhan Web you can find the IPO under Markets Tab > IPOs
###2. In case of successful allotment, when the IPO shares of Ather Energy be visible on Dhan?
The CDSL will intimate you regarding the credit of shares into your Demat account by 5 May 2025. However, you will be able to see the shares of Ather Energy on Dhan before the market starts on the listing date which is 6 May 2025.