After a quiet spell of more than two months in the mainboard segment, the primary market is gearing up for action again with the much-anticipated Ather Energy IPO. The Bengaluru-based electric vehicle (EV) manufacturer is set to open its public offering on Monday, April 28, with subscriptions closing by Wednesday, April 30.
Ather Energy, known for its premium electric two-wheelers and a fully integrated ecosystem of software, charging infrastructure, and smart accessories — all engineered in India — is tapping the capital markets to fuel its next phase of growth.
The company has priced its IPO in a band of ₹304 to ₹321 per equity share, each carrying a face value of Re 1. The issue comprises a fresh share sale worth ₹2,626 crore and an offer-for-sale (OFS) of 1.1 crore shares by existing promoters and shareholders.
Proceeds from the fresh issue are earmarked for ambitious expansion plans. Around ₹927.2 crore will go towards setting up a new EV manufacturing plant in Maharashtra, ₹750 crore will be invested into research and development, ₹300 crore has been allocated for marketing initiatives, and ₹40 crore will be used for debt repayment. These investments are expected to unfold over the fiscal years 2026 to 2028, signaling a long-term vision for scaling operations and innovation.
The IPO is structured to allocate at least 75% of shares to qualified institutional buyers (QIBs), up to 15% to non-institutional investors (NIIs), and 10% to retail investors. Ather has also reserved 100,000 shares specifically for its employees, who will benefit from a ₹30 discount per share.
Key timelines have been announced: preliminary allotments will be finalized on Friday, May 2, with refunds processed and shares credited to demat accounts by Monday, May 5. Ather Energy is scheduled to debut on the BSE and NSE on Tuesday, May 6.
On the grey market, however, excitement appears to be muted. According to data from investorgain, Ather Energy’s shares are trading at a modest premium of ₹3 over the upper price band, indicating a listing price of around ₹324 — a slim 0.93% premium over the issue price of ₹321. While not a roaring debut signal, the grey market premium (GMP) reflects cautious optimism among investors rather than runaway demand.
Axis Capital Limited, HSBC Securities & Capital Markets Pvt Ltd, JM Financial Limited, and Nomura Financial Advisory and Securities (India) Pvt Ltd are acting as the book-running lead managers, with Link Intime India Private Ltd serving as the registrar for the issue.
While Ather Energy’s IPO doesn’t seem set for a blockbuster listing based on early grey market signals, its strong brand in the EV sector, homegrown technology, and strategic expansion plans could make it a stock to watch in the coming quarters — especially as India’s EV story continues to gather momentum.
