Ather’s Rs 2,981 Crore IPO Is Here
On April 28, 2025, Ather Energy, the electric two-wheeler startup from Bengaluru, is set to make its stock market debut with an Initial Public Offering (IPO) worth Rs 2,981 crore. Priced between Rs 304 and Rs 321 per share, this IPO is not just another fundraising event—it’s being seen as a defining moment in India’s growing electric vehicle (EV) landscape.
This is only the second IPO by a pure electric two-wheeler company in India, following Ola Electric’s listing in 2024. Ather’s public debut marks a fresh chapter in India’s clean mobility story and is being closely watched by investors, industry experts, and policymakers alike.
From College Lab to National Brand
Ather Energy started in 2013 as a passion project by two IIT Madras graduates, Tarun Mehta and Swapnil Jain. What began in a college lab has now grown into one of India’s most talked-about EV companies. Over the years, Ather has rolled out popular models like the Ather 450X and built a reputation for making smart, high-performance electric scooters.
Their journey from building early prototypes to launching thousands of scooters on Indian roads is nothing short of remarkable. And now, with an implied valuation of around Rs 12,000 crore (roughly $1.5–1.6 billion), Ather is ready for the big league.
Key Details of the IPO
IPO Size and Structure
- Total Issue Size: Rs 2,981 crore
- Price Band: Rs 304 to Rs 321 per share
- Lot Size: 46 shares per lot
- Offer Structure:
- Fresh Issue: Rs 2,626 crore
- Offer for Sale: Rs 355 crore
Important Dates
- IPO Opens: April 28, 2025
- IPO Closes: April 30, 2025
- Listing Date: May 5, 2025
The proceeds from the IPO will go toward funding Ather’s future expansion, research and development, paying off some debts, and other general corporate needs.
How Ather Stands Financially
In FY24, Ather posted a revenue of Rs 1,753 crore. While the company still reported a net loss of Rs 1,059 crore, the silver lining was its strong sales momentum—revenue was up by 28% year-over-year. Much of this growth was driven by their newly launched family scooter, the Rizta.
As of December 2024, Ather had Rs 506 crore in cash reserves, which provides a decent cushion for near-term expansion plans.
The Road Ahead: Factory 3.0 and More
A major chunk of the fresh funds is expected to go into building Ather’s third manufacturing plant, called Factory 3.0, in Aurangabad, Maharashtra. This facility will help scale up production, increase automation, and reduce costs, all of which are crucial for staying competitive in the price-sensitive Indian market.
Ather also plans to continue investing in innovation—developing new scooter models, expanding its battery tech, and building out the Ather Grid, their fast-charging network.
Competition and Market Share
As of March 2024, Ather holds about 12% of the Indian electric scooter market. Ola Electric leads the pack with around 40%, followed by TVS at 30%. That said, Ather’s focus on tech-driven performance and strong brand identity gives it a loyal and growing customer base.
Going public will give Ather more resources to take on these larger rivals and attract a new wave of EV buyers looking for smart, clean alternatives.
Why This IPO Matters
This isn’t just about one company raising money. Ather’s IPO is a signal that India’s EV ecosystem is maturing. Startups in this space are no longer seen as niche players—they’re becoming mainstream.
The success of Ather’s IPO could open doors for more clean-tech and mobility startups to tap into public markets. It could also boost investor confidence in the long-term growth of electric vehicles in India, especially as government policies continue to support the transition from petrol to electric.
Final Thoughts
Ather Energy’s IPO is more than a financial event—it’s a moment of validation. In just over a decade, a small college project has turned into a high-potential company shaping India’s EV future. As Ather takes this big step, it also paves the way for a cleaner, smarter, and more sustainable transport ecosystem in India.
