Ather Energy shares to list today, grey market shows muted interest
Ather Energy shares
will list on the exchanges on Tuesday, with
grey market premium
for them indicating muted interest. The grey market premium for the stock stood at Rs 14, which translates into a premium of 4.36% from the issue price of Rs 321.
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Ather Energy IPO
details
Ather Energy
is looking to raise around Rs 2,981 crore from its maiden public offer, with Rs 2,626 crore from the reduced fresh issue and Rs 354 crore from the offer for sale of 1.1 crore shares.
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The Tiger Global-backed EV maker launched its initial public offering on April 28, which closed on April 30. The offer was subscribed 1.43 times on the final day as qualified institutional buyers (QIBs) poured in. The QIB portion was subscribed 1.7 times, while retail portion was subscribed 1.78 times. The non-institutional investors subscribed only 66% of their basket of shares. The shares reserved for employees were oversubscribed 5.43 times.
The issue price was fixed at the upper end of the price band, that is Rs 321 per share.
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The EV maker had raised Rs 1,340 crore from anchor investors on April 26 before the IPO opened. SBI Mutual Fund emerged as the largest investor in the anchor round, contributing Rs 310 crore—around 23.1% of the total anchor book.
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Use of net proceeds
The electric scooter maker will Rs 927.2 crore from the net IPO proceeds to set up a new manufacturing plant in Chhatrapati Sambhajinagar, Maharashtra. It has earmarked Rs 750 crore for R&D, Rs 300 crore for marketing, and Rs 40 crore for debt repayment. These funds will be deployed over FY26 to FY28.
Unlocking value for investors, employees
Meanwhile, promoters and early investors are expecting to make
significant gains
from the Ather Energy IPO. According to the red herring prospectus (RHP),
Tiger Global
is set to earn a return multiple of 8.3x on its investment. Singapore's sovereign wealth fund
GIC
and the National Investment and Infrastructure Fund (NIIF) are expected to clock multiples of 1.6x and 1.7x, respectively.
The public issue is also set to unlock wealth worth Rs 530 crore for over 1,300 employees covered under
Ather's employee stock options programme
(Esop)
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