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Mint
06-05-2025
- Business
- Mint
Lacklustre Debut! Ather Energy share price lists 2% higher at ₹328 on NSE
Ather Energy IPO listing: Ather Energy, the first mainboard initial public offering of the financial year 2025-26 (FY26), witnessed a lukewarm debut in the Indian stock market on Tuesday, May 6, as it listed at just a 2% premium over its issue price of ₹ 321. On the NSE, Ather Energy share price on listing was ₹ 328, a premium of 2.18%. Meanwhile, on the BSE, Ather Energy shares debuted at ₹ 326.05, up 1.57%. The listing was lower than what the grey market signalled, as ahead of the stock market debut, Ather Energy IPO GMP today was ₹ 14. This indicates that in the grey market, Ather Energy shares were trading at ₹ 335 apiece, a premium of 4.36%. Ather Energy shares, meanwhile, reversed listing gains and traded in the red around 10.20 am. On the NSE, Ather Energy share price was down 1.33% from its listing price at ₹ 323.65, while on the BSE, the stock dipped 0.8% to ₹ 323.45. Ather Energy IPO, which was open for subscription from April 28 to April 30, witnessed a modest demand for its issue. The IPO of the electric vehicle (EV) manufacturer was subscribed 1.50 times at the end of the three-day bidding period, amid strong buying demand from retail investors and qualified institutional buyers. Meanwhile, the non-institutional investor portion wasn't fully booked. The QIB portion was subscribed 1.76 times, the NII portion 0.69 times and the retail investor portion 1.89 times. The employee portion was booked 5.43 times as of April 30. The company raised ₹ 2,981.06 crore at the upper end of the price band of ₹ 321 apiece. The IPO was a mix of fresh share sale of ₹ 2,626.30 crore and an offer for sale by promoters and other selling shareholders of ₹ 354.76 crore. Ather Energy plans to use the funds raised from the IPO's fresh issue for various purposes like capex for the establishment of an E2W factory in Maharashtra, repayment of certain corporate borrowings availed by the company, investment in R&D and for marketing initiatives or other general corporate purposes. Ather Energy is a pure-play EV company that sells E2Ws and the associated product ecosystem, comprised of its software, charging infrastructure and smart accessories. The company was founded in 2013 by Tarun Sanjay Mehta and Swapnil Babanlal Jain. It has a market share of 11.5% as of the financial year 2024 (FY24) and is the third-largest player by volume. However, despite being a prominent brand in the EV two-wheeler market, the company has consistently incurred losses since its inception. Ather, in its RHP, said that it has incurred losses since its incorporation and had stagnant revenue growth in FY24. "There is no assurance that we will be cost-effective in our operations or achieve profitability in the future," according to the company's RHP. In FY24, Ather's loss before taxes amounted to ₹ 1059.7 crore, significantly higher than ₹ 864.5 crore in FY23 and ₹ 344.1 crore in FY22. It also had stagnant revenue growth in FY24 as it posted a revenue of ₹ 1753.8 crore compared with ₹ 1780.9 crore in FY23.
Business Standard
06-05-2025
- Business
- Business Standard
Ather Energy make decent debut
Shares of Ather Energy were currently trading at Rs 326.30 at 10:10 IST on the BSE, representing a premium of 1.65% as compared with the issue price of Rs 321. The scrip was listed at Rs 326.05, exhibiting a premium of 1.57% to the issue price. So far, the stock has hit a high of 332.90 and a low of 321. On the BSE, over 6.90lakh shares of the company were traded in the counter so far. The initial public offer (IPO) of Ather Energy was subscribed 1.43 times. The issue opened for bidding on 28 April 2025 and it closed on 30 April 2025. The price band of the IPO was fixed between Rs 304 to 321 per share. The IPO comprised a fresh issue of equity shares worth up to Rs 2,626 crore and an offer for sale of 11,051,746 equity shares, aggregating up to Rs 354.76 crore, by existing shareholders. The objectives of the fresh issue included Rs 927.2 crore for capital expenditure towards the establishment of an electric two-wheeler (E2W) factory in Maharashtra, India; Rs 40 crore for repayment/pre-payment of certain borrowings; Rs 750 crore for investment in research and development; Rs 300 crore for marketing initiatives; and the remaining amount for general corporate purposes. The promoters are Tarun Sanjay Mehta, Swapnil Babanlal Jain, and Hero MotoCorp (HMCL). The promoters and promoter group hold an aggregate of 158,728,716 equity shares, aggregating to 54.6% of the pre-offer issued and paid-up equity share capital. Their post-IPO shareholding is expected to be around 42%. Ahead of the IPO, Ather Energy on Friday, 25 April 2025, raised Rs 664 crore from anchor investors. The board allotted 2.06 crore shares at Rs 321 each to 14 anchor investors. Ather Energy, incorporated in 2013, is an Indian electric two-wheeler (E2W) company engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, smart accessories, and supporting software systems. The firm reported a consolidated net loss of Rs 577.90 crore and sales of Rs 1,578.90 crore for the nine months ended on 31 December 2024.
Mint
06-05-2025
- Business
- Mint
Lacklustre Debut! Ather Energy share price lists 2% higher at ₹328 on NSE
Ather Energy IPO listing: Ather Energy, the first mainboard initial public offering of the financial year 2025-26 (FY26), witnessed a lukewarm debut in the Indian stock market on Tuesday, May 6, as it listed at just a 2% premium over its issue price of ₹ 321. On the NSE, Ather Energy share price on listing was ₹ 328, a premium of 2.18%. Meanwhile, on the BSE, Ather Energy shares debuted at ₹ 326.05, up 1.57%. The listing was lower than what the grey market signalled, as ahead of the stock market debut, Ather Energy IPO GMP today was ₹ 14. This indicates that in the grey market, Ather Energy shares were trading at ₹ 335 apiece, a premium of 4.36%. Ather Energy shares, meanwhile, reversed listing gains and traded in the red around 10.20 am. On the NSE, Ather Energy share price was down 1.33% from its listing price at ₹ 323.65, while on the BSE, the stock dipped 0.8% to ₹ 323.45. Ather Energy IPO, which was open for subscription from April 28 to April 30, witnessed a modest demand for its issue. The IPO of the electric vehicle (EV) manufacturer was subscribed 1.50 times at the end of the three-day bidding period, amid strong buying demand from retail investors and qualified institutional buyers. Meanwhile, the non-institutional investor portion wasn't fully booked. The QIB portion was subscribed 1.76 times, the NII portion 0.69 times and the retail investor portion 1.89 times. The employee portion was booked 5.43 times as of April 30. The company raised ₹ 2,981.06 crore at the upper end of the price band of ₹ 321 apiece. The IPO was a mix of fresh share sale of ₹ 2,626.30 crore and an offer for sale by promoters and other selling shareholders of ₹ 354.76 crore. Ather Energy plans to use the funds raised from the IPO's fresh issue for various purposes like capex for the establishment of an E2W factory in Maharashtra, repayment of certain corporate borrowings availed by the company, investment in R&D and for marketing initiatives or other general corporate purposes. Ather Energy is a pure-play EV company that sells E2Ws and the associated product ecosystem, comprised of its software, charging infrastructure and smart accessories. The company was founded in 2013 by Tarun Sanjay Mehta and Swapnil Babanlal Jain. It has a market share of 11.5% as of the financial year 2024 (FY24) and is the third-largest player by volume. However, despite being a prominent brand in the EV two-wheeler market, the company has consistently incurred losses since its inception. Ather, in its RHP, said that it has incurred losses since its incorporation and had stagnant revenue growth in FY24. "There is no assurance that we will be cost-effective in our operations or achieve profitability in the future," according to the company's RHP. In FY24, Ather's loss before taxes amounted to ₹ 1059.7 crore, significantly higher than ₹ 864.5 crore in FY23 and ₹ 344.1 crore in FY22. It also had stagnant revenue growth in FY24 as it posted a revenue of ₹ 1753.8 crore compared with ₹ 1780.9 crore in FY23. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. First Published: 6 May 2025, 10:00 AM IST
Time of India
05-05-2025
- Business
- Time of India
Ather Energy IPO sees muted grey market buzz ahead of its listing
Ather Energy will debut on Indian stock exchanges on Tuesday, May 6, with a soft grey market premium hinting at a subdued start for the electric two-wheeler maker's shares. As of Monday, May 5, the grey market premium stood at ₹7, implying a marginal 2.18per cent upside over the IPO 's upper price band of ₹321. Allotments were finalised on Friday, with shares credited to investor accounts and refunds issued on Monday. The ₹2,626 crore IPO, which was open from April 28 to April 30, drew a relatively subdued response across categories. Retail investors subscribed 1.78 times their allocated portion, followed by qualified institutional buyers at 1.70 times. Non-institutional investors lagged at 66per cent subscription, while the employee quota saw robust demand at 5.43 times. The company allocated at least 75per cent of the offering to QIBs, up to 15per cent for NIIs, and no more than 10per cent for retail. A block of 100,000 shares was reserved for employees at a ₹30 discount per share. The IPO was priced between ₹304 and ₹321 per share, with a face value of Re 1. Grey market premium fades Once seen trading at a premium of ₹17, Ather Energy's unlisted shares have steadily lost steam in the grey market. The GMP fell to ₹3 last Monday and touched ₹1 by Tuesday before inching up to ₹7 on Monday, according to data from On the final day of bidding last week, the premium was just ₹1—offering little cushion for listing-day gains. Use of proceeds Ather intends to use ₹927.2 crore from the IPO proceeds to set up a new manufacturing plant in Maharashtra. Additionally, ₹750 crore is earmarked for R&D, ₹300 crore for marketing, and ₹40 crore for debt repayment, spread over FY26 to FY28. The offering included a fresh issue and an offer-for-sale of 1.1 crore shares by promoters and early backers such as National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd., and IIT Madras-linked entities. Founders Tarun Sanjay Mehta and Swapnil Babanlal Jain also offloaded shares. Analyst views mixed Analysts expressed differing views on valuation. Geojit Investments cited a steep EV/Sales ratio of 7.1x (FY24) and recommended subscribing only for high-risk, long-term investors. Arihant Capital, valuing the issue at 8x based on 9MFY25 sales, issued a 'Subscribe for listing gain' call. Known for its premium electric two-wheelers and in-house R&D, Ather recently launched its family scooter model, the Ather Rizta. Early institutional backer IIT Madras, which holds 15.58 lakh shares, is expected to net around ₹50 crore from the IPO.
Time of India
05-05-2025
- Business
- Time of India
Ather Energy IPO sees muted grey market buzz ahead of its listing
Ather Energy will debut on Indian stock exchanges on Tuesday, May 6, with a soft grey market premium hinting at a subdued start for the electric two-wheeler maker's shares. As of Monday, May 5, the grey market premium stood at Rs 7, implying a marginal 2.18% upside over the IPO 's upper price band of Rs 321. Allotments were finalised on Friday, with shares credited to investor accounts and refunds issued on Monday. The Rs 2,626 crore IPO, which was open from April 28 to April 30, drew a relatively subdued response across categories. Retail investors subscribed 1.78 times their allocated portion, followed by qualified institutional buyers at 1.70 times. Non-institutional investors lagged at 66% subscription, while the employee quota saw robust demand at 5.43 times. The company allocated at least 75% of the offering to QIBs, up to 15% for NIIs, and no more than 10% for retail. A block of 100,000 shares was reserved for employees at a Rs 30 discount per share. The IPO was priced between Rs 304 and Rs 321 per share, with a face value of Re 1. Grey market premium fades Once seen trading at a premium of Rs 17, Ather Energy's unlisted shares have steadily lost steam in the grey market. The GMP fell to Rs 3 last Monday and touched Rs 1 by Tuesday before inching up to Rs 7 on Monday, according to data from . On the final day of bidding last week, the premium was just Rs 1—offering little cushion for listing-day gains. Use of proceeds Ather intends to use Rs 927.2 crore from the IPO proceeds to set up a new manufacturing plant in Maharashtra. Additionally, Rs 750 crore is earmarked for R&D, Rs 300 crore for marketing, and Rs 40 crore for debt repayment, spread over FY26 to FY28. The offering included a fresh issue and an offer-for-sale of 1.1 crore shares by promoters and early backers such as National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd., and IIT Madras-linked entities. Founders Tarun Sanjay Mehta and Swapnil Babanlal Jain also offloaded shares. Analyst views mixed Analysts expressed differing views on valuation. Geojit Investments cited a steep EV/Sales ratio of 7.1x (FY24) and recommended subscribing only for high-risk, long-term investors. Arihant Capital, valuing the issue at 8x based on 9MFY25 sales, issued a 'Subscribe for listing gain' call. Known for its premium electric two-wheelers and in-house R&D, Ather recently launched its family scooter model, the Ather Rizta. Early institutional backer IIT Madras, which holds 15.58 lakh shares, is expected to net around Rs 50 crore from the IPO. Also read | Oyo shelves IPO attempt for third time over SoftBank concerns: Report ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
