| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 304 to ₹ 321 | 46 | 28th Apr, 2025 – 30th Apr, 2025 | ₹2,981.06 Cr |
Ather Energy Limited IPO
Ather Energy Ltd., incorporated by Tarun Sanjay Mehta and Swapnil Babanlal Jain in 2013, focuseson in-house product and technology development in India to build an E2W ecosystem.The companyis a pure-play EV company that sells E2Ws and an associated product ecosystem, which are manufactured and designed in India. They design and develop E2Ws, battery packs, fast-charging infrastructure, and associated software, which includes their proprietary Atherstack software platform and smart accessories. Ather follows a vertically integrated approach, retaining control over hardware and software design while outsourcing the manufacturing of select key components like motor controllers, dashboards, and vehicle control units. The company’s first E2W launched in 2018 with Ather 450, which introduced several firsts in the Indian E2W market, such as 3G SIM card, a touchscreen dashboard and a top speed of 80 kmph. Currently, the company comprises two product lines – the Ather 450 line, which caters to customers seeking performance, while the Ather Rizta
series targets family convenience scooters such as large seats, WhatsApp notification, larger storage of 56L, and voice command through Alexa Skills. The company’s E2WS are complemented by a product ecosystem comprising fast-charging infrastructure (Ather Grid), accessories, and the Atherstack with connected features, such as Over-The-Air (“OTA”) updates. Currently, it has 69 features as of 31st Dec 2024. According to the CRISIL Report, the company is the third and fourth largest player by volume of E2W sales in FY24 and the 9MFY25, respectively, with sales of 109,577
and 107,983 E2Ws in FY24 and the 9MFY25, respectively. The company’s Hosur Factory has an annual capacity of 420,000 E2Ws and 379,800 battery packs, and it is expanding with a new facility in Maharashtra to boost capacity to 1.42 million units. Operating an asset-light distribution model, Ather had 280 experience centres and 238 service centres across India, Nepal, and Sri Lanka by the end of 2024. It has also built strong intellectual property, with over 500 registered and more than 400 pending IPR filings globally
Objective of the Ather Energy Limited IPO
The company proposes to utilize the net proceeds towards the following objects:
• Capital expenditure to be incurred by the company for the establishment of an E2W factory in Maharashtra, India.;
• Repayment/ pre-payment, in full or part, of certain borrowings availed by the company;
• Investment in research and development;
• Expenditure towards marketing initiatives and
• General corporate purposes.
Rationale To Ather Energy Limited IPO
Leading India’s E2W market with innovation and advance technology
Ather Energy has firmly established itself as a leader in India’s electric two-wheeler (E2W) market, which is distinguished by its cutting-edge technology, strong brand recognition, and focus on innovation. The company’s proprietary technology, including intelligent touchscreen dashboards, real-time vehicle diagnostics, and Over-The-Air (OTA) updates, sets it apart in the competitive EV
segment. Leveraging its ability to pioneer new technology, Ather commands a premium pricing position, supported by its reputation for high-quality products, strong performance, and exceptional user experience. The launch of the Ather Rizta offers a more affordable option, aiming to capture a broader customer base while maintaining its premium image. To support its leadership position, the
brand remains committed to R&D, with nearly half its workforce dedicated to research and development, driving continual technological advancements. Further, addressing the major challenge in adopting EV, i.e. charging infrastructure, the company has created a fast-charging network with Ather Grid, making it convenient for customers to charge their vehicles across major cities. With consistent growth in sales, a strong consumer base, and a commitment to R&D, Ather is well- positioned to continue leading India’s transition to electric mobility.
Capital-effcient and scable growth strategy for long-term sucess
Ather Energy’s capital-efficient and flexible business model makes it an attractive investment opportunity, allowing it to control design and technology while minimizing upfront capital expenditures.By outsourcing key components like the chassis, battery management system, and motor controllers, Ather reduces its capital outlay and remains adaptable to technological changes. The company’s cash burn rate,
lower than comparable domestic and international peers, highlights its efficient use of resources. Additionally, its favourable working capital days—48 and 46 days in FY 2024 and the nine months ended December 31, 2024—demonstrate strong financial prudence. Ather’s focus on scalability is evident in its transition from a small factory to the expansive Hosur Factory, which significantly increased its production capacity. The company also follows an asset-light distribution strategy, relying on retail partners to operate experience and service centres, minimizing capital investment and benefiting from local sales expertise. This approach enables rapid expansion without the high costs of brick-and-mortar infrastructure, offering operational flexibility and cost efficiency. Ather’s strategic focus on outsourcing, capital optimization, and scalable growth positions it for longterm success in the evolving electric vehicle market, making it an appealing choice for investors.
Valuation of Hexaware Technologies Limited IPO
Ather Energy Ltd., established in 2013, has firmly positioned itself as a key player in India’s electric two- wheeler (E2W) market with a vertically integrated approach, focusing on in-house design and development of E2Ws, battery packs, and software, such as the proprietary Atherstack platform. Its product lineup, including the high-performance Ather 450 series and the affordable Ather Rizta series, caters to premium and mass- market segments, supported by Ather’s fast-charging network, Ather Grid. The company has built a strong brand by combining technological innovation, premium features, and a capital-efficient growth strategy, which minimizes upfront capital expenditure through an asset-light distribution model. However, Ather faces risks such as dependence on third-party suppliers for crucial components like lithium-ion cells, intense competition from established players like Ola Electric, TVS, Bajaj Auto, and Hero Motocorp, and limited diversification in its product portfolio, making its growth dependent on the success of its E2Ws. Financially, the company registered
a decline in its topline, with revenue falling from Rs. 17,809 million in FY23 to Rs. 17,538 million in FY25 and Rs. 15,789 million in 9MFY25 revenue, while the losses have widened of losses from Rs. 8,645 million in FY23 to Rs. 10,597 million in FY24; however, the company has reduced its loss to Rs. 5,779 million in 9MFY25. Further, the company has increased its debt from Rs. 309 million in FY24 to Rs. 1,602 million in 9MFY25, raising concerns about its financial sustainability. Given the rising debt levels and persistent loss-making status, we recommend an “Avoid” rating. We will reassess our recommendation if there is a sustained improvement in financial metrics in future.
1. What is the Ather Energy Limited IPO?
Ather Energy IPO is a book built issue of Rs 2,981.06 crores. The issue is entirely a fresh issue of 2,626.30 crore shares. Ather Energy IPO bidding opened for subscription on April 28, 2025 and will close on April 30, 2024. The allotment for the Ather Energy IPO is expected to be finalized on Friday, May 2, 2025. Ather Energy IPO will list on BSE, NSE with tentative listing date fixed as Tuesday, May 6, 2025.
How to apply for the Ather Energy Limited IPO through StoxBox?
To apply for the Ather Energy Limited IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Ather Energy Limited IPO open?
Ather Energy Limited IPO is opening on 28th April 2025.
What is the lot size of the Ather Energy Limited IPO?
The Lot Size of Ather Energy Limited IPO is 46 equity shares.
When is the Ather Energy Limited IPO allotment date?
The allotment Date for Ather Energy Limited IPO is 2nd May 2025.
When is the Ather Energy Limited IPO listing date?
The listing Date for Ather Energy Limited IPO is 6th May 2025.
What are the risks associated with investing in the Ather Energy Limited IPO?
In the Retail segment the minimum investment required is Rs. 14,766.
When will the Ather Energy Limited IPO shares be credited to my Demat account?
In the Retail segment the maximum investment requirement is Rs. 191,958.
What are the risks associated with investing in the Hexaware Technologies Limited IPO?
Energy’s revenue generation is heavily reliant on its electric scooter lineup. A lack of diversification into other product categories may expose the company to market risks and changes in consumer preferences, making its future growth dependent on the success of its evolving E2W portfolio.government regulations, trade policies, economic conditions, or trade tensions, particularly with countrielike China, could adversely impact its business operations.
The company relies heavily on third-party suppliers for most components, including lithium-ion cells, for in- house battery production. Any disruption in the availability, pricing, or quality of these cells, or changes in
The company operates in a highly competitive Indian automobile market, facing pressure from both established players and new entrants like Ola Electric, TVS, Bajaj Auto, and Hero Motocorp, where downward pricing pressures may force reductions in the price of its electric two-wheelers, impacting profitability, and success depends on maintaining or increasing market share through continuous innovation, with no guarantee of sustained growth or the ability to outpace existing or
When will the Ather Energy Limited IPO shares be credited to my Demat account?
The Ather Energy Limited IPO be credited to the account on allotment date which is 2nd May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html
What are the important dates related to Ather Energy Limited IPO?
| IPO Open Date | Mon, Apr 28, 2025 |
| IPO Close Date | Wed, Apr 30, 2025 |
| Basis of Allotment | Fri, May 2, 2025 |
| Initiation of Refunds | Mon, May 5, 2025 |
| Credit of Shares to Demat | Mon, May 5, 2025 |
| Listing Date | Tue, May 6, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed 30 Apr, 2025 |
