Ather Energy Limited IPO

Apply 0
Avoid 0

Closing in

Days
Hours
Mins
Secs

Don't Miss It! Mark Your Calender Now:


Ather Energy is a leading pioneer in India’s electric two-wheeler (E2W) market, known for its innovation-driven, vertically integrated, and premium EV product portfolio. The company has built a full-stack electric vehicle ecosystem in India—comprising electric scooters, software, charging infrastructure, and smart accessories—with a sharp focus on design, technology, and sustainability.

Market Position & Product Offering

i. Ather is a pure-play electric vehicle company, ranked 3rd and 4th by volume in India’s E2W market in FY24 and the 9M ending December 2024, respectively.
ii. The company sold 109,577 E2Ws in FY24 and 107,983 units in the nine months ended Dec 2024.
iii. Positioned as a premium brand, Ather’s portfolio includes:- Ather 450 Series and Ather Rizta (launched April 2024).

Distribution & Sales Network

i. Asset-light model via 3rd-party operated Experience Centres and Service Centres.
ii. As of Dec 2024:-
a. India: 265 Experience Centres and 233 Service Centres
b. Nepal: 5 Experience Centres and 4 Service Centres
c. Sri Lanka: 10 Experience Centres and 1 Service Centre
iii. International presence growing through authorised distributors.

Ather’s combination of innovation, vertical integration, and environmental responsibility sets it apart as a future-ready EV company playing a critical role in transforming India’s mobility landscape.

Objects of the Ather Energy Limited IPO:

The Company Ather Energy IPO proposes to utilise the Net Proceeds from the Issue towards the following objects: i. Capital expenditure to be incurred by the Company for establishment of an E2W factory in Maharashtra, India. ii. Repayment/ pre-payment, in full or part, of certain borrowings availed by the Company. iii. Investment in research and development. iv. Expenditure towards marketing initiatives. v. General corporate purposes.
DRHP of Ather Energy Limited IPO
RHP of Ather Energy Limited IPO

Ather Energy Limited IPO Details:

Open Date: Apr 28 2025
Close Date: Apr 30 2025
Total Shares: 9,28,58,599
Face Value: ₹ 1 Per Equity Share
Issue Size: 2,980.76 Cr.
Lot Size: 46 Shares
Issue Price: ₹ 304 - 321 Per Equity Share
Listing At: NSE,BSE
Listing Date: May 05 2025

Promoters And Management:

Tarun Sanjay Mehta, Co-founder and CEO of Ather Energy, has led the company since inception, overseeing product, business, and growth functions. An IIT Madras graduate with over 10 years of experience in the EV sector, he has received several accolades, including Forbes India’s 30 under 30 (2018) and Fortune’s 40 under 40 (2019, 2021, 2023). He also attended the CEO Forum in Paris in 2023. Swapnil Babanlal Jain, Co-founder, Executive Director, and CTO of Ather Energy, has been with the company since inception. He drives the long-term technology roadmap and fosters the engineering culture. An IIT Madras dual-degree holder, he brings over 10 years of EV sector experience. He was featured in Forbes India’s 30 under 30 (2018) and Fortune’s 40 under 40 (2019, 2021, 2023), and won AIMA’s Young Entrepreneur award. Niranjan Kumar Gupta is a Non-executive Director at Ather Energy and a nominee of HMCL, serving on the Board since November 2020. A commerce graduate from the University of Calcutta and a qualified CA, CS, and CWA, he brings over a decade of experience in finance, M&A, and supply chain. Formerly CFO at Vedanta’s aluminium and power division, he currently serves as CEO of HMCL, a role he will step down from on April 30, 2025.

Financials of Ather Energy Limited IPO:

In Cr.
Particulars Dec 31, 2024 March 31, 2024 March 31, 2023 March 31, 2022
Revenue from Operations 1578.90 1,753.80 1780.90 408.90
Growth in Revenue -2% 336% 412%
EBITDA -370 -649.40 -686.70 -255
EBITDA Margins -23% -36% -38% -62%
PAT -577.90 -1059.70 -864.50 -344.10
PAT Margins -36% -59% -48% -83%
E2W Market Share 10.70% 11.50% 10.60% 7.90%
CFOA -717.10 -267.60 -871.30 -228.40

Comparison With Peers:

Companies Revenue EBITDA Margins PAT Margins D/E Ratio MCap P/E EV/Sales
Ather Energy  (FY 2024) 1,753.80 Cr. -36% -59% 0.97 11955 Cr. In loss 6.80
Hero MotoCorp (TTM) 40,570 Cr. 14% 10% 0.03 77,174 Cr. 18.60 1.90
Bajaj Auto (TTM) 49,903 Cr. 19% 15% 0.17 2,26,511 Cr. 30 4.50
Ola Electric Mobility (TTM) 5,501 Cr. -25% 33% 0.51 22,663 Cr. In loss 4.10
TVS Motors (TTM) 42,886 Cr. 14% 4.90% 1.88 1,30,369 Cr. 66 3
Eicher Motors (TTM) 17,885 Cr. 26% 24.80% 0.02 1,56,411 Cr. 35.30 8.70

Recommendation on Ather Energy Limited IPO:

Review and Recommendation of Ather Energy IPO by team IZ is 3/10.

Lead Manager of Ather Energy Limited IPO:

  1. Axis Capital Limited
  2. HSBC Securities & Capital Markets Private Limited
  3. JM Financial Consultants Private Limited
  4. Nomura Financial Advisory And Securities (India) Private Limited

Registrar of Ather Energy Limited IPO:

  1. Link Intime India Private Limited

Company Address:

Ather Energy Limited 3 rd Floor, Tower D, IBC Knowledge Park, #4/1 Bannerghatta Main Road, Bangalore 560029, Karnataka, India Phone: +91 80 6646 5750 Email: cs@atherenergy.com Website: http://www.atherenergy.com/

Discussion on Ather Energy Limited IPO:

1 Comment

Leave a Reply