
Ather Energy IPO: Forget GMP! THIS IIT incubation cell's ₹15 lakh bet in EV startup would become ₹50 crore gain
Ather Energy IPO: The much-awaited initial public offering (IPO) of EV startup Ather Energy is set to hit the Street on April 28, with a price band of ₹ 304 to ₹ 321 per share. But beyond investor interest and grey market premiums (GMP), Ather Energy IPO marks a significant milestone for the Indian startup ecosystem — particularly for IIT Madras' incubation efforts.
Back in 2013, when Ather Energy was in its nascent stages, the IIT Madras Incubation Cell (IITM IC) and its sister entity IITM Rural Technology and Business Incubator (RTBI) took a bold bet on the fledgling EV firm. In exchange for providing office space, mentorship, and crucial early-stage support, the incubators were allotted a 5% stake in the startup.
As per the Red Herring Prospectus (RHP) of Ather Energy IPO, IITM IC and IITM RTBI jointly held 15,58,170 shares pre-IPO. While the original 5% stake got diluted over several funding rounds, the entities still collectively hold around 0.5% stake in Ather Energy.
At the upper end of the IPO price band of ₹ 321 per share, the total value of these 15.58 lakh shares held by IITM IC and IITM RTBI would be estimated at over ₹ 50 crore, translating into a remarkable 32,000% return on investment.
IIT Madras Incubation Cell is set to offload 31,050 Ather Energy shares, while IITM Rural Technology and Business Incubator will sell 4,191 shares of the company in the Offer for Sale (OFS) component of the Ather Energy IPO. This early-stage investment is projected to generate returns exceeding ₹ 1.13 crore.
Moreover, this IPO is not just Ather Energy's stock market debut, but also the first-ever public listing for a portfolio company of the IITM Incubation Cell.
The company's shares are also available in the grey market. According to market observers, Ather Energy IPO GMP (Grey Market Premium) today is ₹ 5. This means company shares are trading at a premium of ₹ 5 much ahead of the Ather Energy IPO opening date, which is declared on April 28, 2025.
Ather Energy IPO will open for subscription on Monday, April 28, and will close on Wednesday, April 30. The IPO allotment date is likely to be May 2, and the listing date is expected to be May 6.
Ather Energy IPO price band is set at ₹ 304 to ₹ 321 per share. At the upper-end of the price band, the company plans to raise ₹ 2,980.76 crore from the public issue which is a combination of fresh issue of 8.18 crore equity shares aggregating to ₹ 2,626 crore and an OFS component of of 1.11 crore shares worth ₹ 354.76 crore.
Axis Capital, HSBC Securities & Capital Markets, JM Financial, Nomura Financial Advisory And Securities (India) are the book running lead managers of the Ather Energy IPO, while Link Intime India is the IPO registrar.

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