Ather Energy
Book Building issueMainboardNSE₹2,981 Cr issue
+1.57%
Listing gain over issue price
Issue size
₹2,981 Cr
1 lot at cut-off
₹14,766
Lot size
46shares
Open
28 Apr 2025
Close
30 Apr 2025
Allotment
02 May 2025
Listing
06 May 2025
Listing performance
Issue price
₹321
Listed at
₹326.05
Listing-day close
₹302.50
Latest price
₹1,380
Close on 23 Oct 2026
Listing gain
+1.57%
Return since issue
+329.91%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Apr 2025 – 30 Apr 2025
- Listing date
- 06 May 2025
- Face value
- ₹1 per share
- Issue price
- ₹321 per share
- Lot size
- 46 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹2,981 Cr
- Market cap at offer price
- ₹11,956 Cr
- Promoter holding
- 54.61% → 42.09% pre-issue → post-issue
- ISIN
- INE0LEZ01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- 3 rd Floor, Tower D, IBC Knowledge Park, #4/1 Bannerghatta Main Road, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 4,17,45,576 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 46 shares per lot, in multiples, at ₹321
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 46 | ₹14,766 |
| Retail (max) | 13 | 598 | ₹1,91,958 |
| S-HNI (min) | 14 | 644 | ₹2,06,724 |
| S-HNI (max) | 67 | 3,082 | ₹9,89,322 |
| B-HNI (min) | 68 | 3,128 | ₹10,04,088 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
4,17,45,576
Anchor portion
₹1,340 Cr
at ₹321 per share
Valuation and performance
Valuation at offer price
₹321 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −47.00 | — |
| Market cap | — | ₹11,956 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −194.00%
- NAV per share
- ₹24
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ather Energy
Ather Energy designs, manufactures and sells electric two-wheelers (E2Ws) primarily in India. The company was incorporated in 2013 and launched its first E2W in June 2018. The company designs most key components in-house (battery packs, motor controllers, transmissions, vehicle control units, dashboards, DC-DC converters, harnesses, and chassis) and outsources manufacturing to suppliers, except for battery packs which are manufactured in-house. The company develops all components of Atherstack software in-house. The company operates an integrated ecosystem that includes its proprietary charging network (Ather Grid), accessories, and a software platform that powers its products. Revenue is earned primarily from the sale of E2Ws, complemented by revenue from software sales (Pro Pack bundles providing advanced features) and charging infrastructure services. As of December 31, 2024, the company had sold 341,113 vehicles since inception and operates through 154 retail partners in India and authorized distributors in Nepal and Sri Lanka.
Company Analysis
from RHPAther Energy manufactures and sells electric two-wheelers in India with an integrated ecosystem spanning battery packs, software (Atherstack), charging infrastructure (Ather Grid), and accessories.
Ather Energy designs, manufactures and sells electric two-wheelers (E2Ws) primarily in India. The company was incorporated in 2013 and launched its first E2W in June 2018. The company designs most key components in-house (battery packs, motor controllers, transmissions, vehicle control units, dashboards, DC-DC converters, harnesses, and chassis) and outsources manufacturing to suppliers, except for battery packs which are manufactured in-house. The company develops all components of Atherstack software in-house. The company operates an integrated ecosystem that includes its proprietary charging network (Ather Grid), accessories, and a software platform that powers its products. Revenue is earned primarily from the sale of E2Ws, complemented by revenue from software sales (Pro Pack bundles providing advanced features) and charging infrastructure services. As of December 31, 2024, the company had sold 341,113 vehicles since inception and operates through 154 retail partners in India and authorized distributors in Nepal and Sri Lanka.
Objects of the Issue
- Capital expenditure for establishment of Factory 3.0 in Maharashtra ₹9,272 million p.85
- Repayment / pre-payment of borrowings p.58
- Investment in Research and Development ₹7,500 million p.58
- Expenditure towards marketing initiatives p.58
- General corporate purposes p.58
- Capital expenditure to be incurred by our Company for establishment of an E2W factory in Maharashtra, India ₹9,272 million p.166
- Repayment/ pre-payment, in full or part, of certain borrowings availed by our Company ₹400 million p.166
- Investment in research and development ₹7,500 million p.166
- Expenditure towards marketing initiatives ₹3,000 million p.166
- General corporate purposes p.166
- Capital expenditure to be incurred by our Company for establishment of an E2W factory in Maharashtra, India ₹9,272 million p.173
- Repayment/ pre-payment, in full or part, of certain borrowings availed by our Company ₹400 million p.185
- Investment in research and development ₹7,500 million p.195
- Expenditure towards marketing initiatives ₹3,000 million p.172
- General corporate purposes p.197
- The document does not contain a specific 'Objects of the Offer' or 'Objects of the Issue' section in this excerpt
- R&D investments for the development of new E2W platforms and battery platforms p.446
- Construction and expansion of manufacturing capacity through Factory 3.0 p.446
- Funding capex for Factory 3.0 p.496
Issue Structure
- Face Value
- ₹1
Business Model
Revenue is derived primarily from the sale of electric two-wheelers (E2Ws) in multiple variants (Ather 450S, 450X, 450 Apex, and Rizta series). Secondary revenue streams include software sales through Pro Pack bundles (which provide advanced Atherstack features and three-year access to Ather Connect features for a fee) and charging infrastructure services through the Ather Grid. The company manufactures battery packs in-house at its Hosur Factory and outsources most other component manufacturing to third-party suppliers. Distribution occurs through 154 retail partners operating experience centres and service centres in India, plus authorized distributors in Nepal and Sri Lanka.
Business Segments
Design, manufacture and sale of electric two-wheelers in multiple variants (Ather 450S, 450X, 450 Apex, and Rizta series) with varying battery capacities and performance characteristics
Sale of advanced Atherstack software features through Pro Pack bundle, which unlocks Ride Assist features (traction control, AutoHold, theft and tow alerts) and provides three-year access to Ather Connect features (live location sharing, OTA software updates), plus annual subscription options for continued access after three years
Development and operation of public charging infrastructure (fast chargers and neighbourhood chargers) under the Ather Grid brand. As of December 31, 2024, the company had established 2,583 fast chargers and 666 neighbourhood chargers. Also generates revenue from charging infrastructure usage.
Design, manufacture, and sale of electric two-wheelers
Design, manufacturing and sale of electric scooters and motorcycles including the Ather 450 performance line and Ather Rizta convenience scooter line
Sale of charging infrastructure (Ather Grid fast chargers, neighbourhood chargers, Ather Duo chargers), smart accessories (Halo smart helmet, Halo Bit), and software services (AtherStack software ecosystem)
Caters to customers seeking performance scooters with higher power and superior performance levels. Introduced in June 2018 with features including touchscreen dashboard, internet connectivity via 3G SIM, aluminium chassis, and top speed of 80 kmph comparable to ICE scooters.
Launched in April 2024, targeted at customers seeking convenience scooters for their family. Features large seat, WhatsApp notifications on vehicle dashboard, voice commands through Alexa Skills, up to 56L of storage, and introduced traction control to the Indian E2W market.
In-house developed software that powers all Ather products, offering 69 features related to navigation, analytics, ride assistance, safety and productivity as well as integration with charging infrastructure and smart accessories. Sold through Pro Pack bundle at fixed fee of ₹13,000 to ₹20,000.
Public charging network comprising 2,616 fast chargers and 666 neighbourhood chargers spread across 314 cities in India, Nepal and Sri Lanka as of December 31, 2024. Features in-house designed LECCS connector technology established as Indian standard IS17017.
In-house designed accessories including Halo smart helmet, Halo Bit, tyre pressure monitoring system, side-steps, body guards, seat covers, Frunk (front storage), multipurpose charger, storage organiser, and backrest for E2Ws.
Design, development, and manufacture of electric two-wheelers including Ather 450X, 450S, 450 Apex, and Rizta models with integrated software features
Design and sale of smart helmets (Halo, Halo Bit), charging accessories (Ather Duo charger), storage solutions, TPMS, and other integrated smart accessories
In-house developed software platform powering E2Ws, charging infrastructure, and mobile applications; offered through Pro Pack subscription with features like navigation, ride assistance, safety, and OTA updates
Public charging network comprising fast chargers and neighbourhood chargers accessible to Ather owners and other EV brands; operates across India, Nepal, and Sri Lanka
Extended warranties (Ather Battery Protect, Eight70), roadside assistance, vehicle maintenance plans (Ather Care), and financing solutions through partners
Manufacturing and selling of electric scooters (E2Ws) and vehicles
Selling of software enabled services, extended warranties, and charging infrastructure usage charges
Charger infrastructure and related ancillary activities
Development, design, manufacture, assembly and sale of electric vehicles, as well as sale of related parts and accessories including charging infrastructure and services
Performance scooters positioned at premium prices, comprising variants including Ather 450, Ather 450X, Ather 450X (Gen 3), Ather 450S, and Ather 450 Apex
Convenience scooters for family use, launched in April 2024, targeting the large convenience scooter segment with lower battery capacity variants
Atherstack software features, Ather Connect subscription services, Pro Pack bundles with extended battery warranties, and ride assist features such as traction control and AutoHold
Ather Grid fast-charging network for two-wheelers, with 3,282 chargers as of December 31, 2024
Design and manufacture of electric two-wheelers for sale to consumers and dealers
Manufacturing of batteries for electric two-wheelers and energy storage
Product validation labs and research and development facilities for testing and developing electric two-wheeler products and battery technology
SWOT Analysis
Strengths
- • Pure play EV company with integrated ecosystem(p.26)
- • In-house battery manufacturing and vertical integration(p.26)
- • Proprietary software platform with integrated features(p.26)
- • Premium positioning with strong market share(p.26)
- • Market leadership position in premium E2W segment(p.53)
- • Growing market share with established brand presence(p.62)
- • Significant R&D investment and technology development capabilities(p.77)
- • Proprietary battery pack manufacturing and in-house design of key E2W components(p.65)
- • Extensive charging infrastructure network (Ather Grid)(p.90)
- • Established distribution network with rapid expansion(p.71)
- • Strong customer growth and expanding product portfolio(p.64)
- • Improving gross margins with cost management(p.64)
- • Established market position in E2W segment with growing revenue(p.116)
- • Strong backing from strategic investor Hero MotoCorp with 38.19% shareholding(p.159)
- • Significant capital investments and R&D capabilities(p.171)
- • Vertically integrated product design with strong in-house R&D capabilities(p.201)
- • Established and scalable technology platform enabling accelerated product launches(p.201)
- • Design of 80% of key E2W components in-house including chassis, battery pack, and software(p.190)
- • Industry-leading quality metrics with 98% first-attempt pass rate for battery packs(p.173)
- • First to establish dedicated fast charging network (Ather Grid) for 2W segment in India(p.191)
- • Pioneer in high-speed E2W technology with multiple industry firsts(p.272)
- • Vertically integrated design with strong R&D capabilities (46% of workforce in R&D)(p.275)
- • Software-defined ecosystem generating high-margin recurring revenue (53-56% EBITDA margin)(p.276)
- • Premium positioning with quality focus supports price discipline despite competitive market(p.273)
- • Capital-efficient model with favorable working capital; lower cash burn than peers(p.277)
- • Scalable modular platform enabling rapid product development (13 months from concept to Rizta launch)(p.277)
- • Established fast-charging infrastructure with widest network and interoperable standard(p.263)
- • Significant BOM cost reduction achievements (31% for 450X 2.9kWh since FY2021 launch)(p.282)
- • Highest 2W fast charging footprint in India with 2,616 fast chargers as of December 31, 2024(p.299)
- • 80% of key E2W components designed in-house enabling cost control and quality management(p.291)
- • Substantial improvement in product performance and cost efficiency over generations(p.287)
- • Rapid production line efficiency gains with 81% reduction in work content from FY 2019 to 9M FY 2025(p.305)
- • Diversified supplier base with 202 suppliers as of December 31, 2024 and 99.9% domestic sourcing (excluding cells)(p.308)
- • Strong community engagement with 249,042 community members as of December 31, 2024(p.285)
- • Established brand through multiple product launches and market presence in India, Nepal, and Sri Lanka(p.309)
- • Revenue growth momentum with 106% CAGR over three fiscal years(p.286)
- • Experienced leadership with long tenure and technical expertise(p.343)
- • Strong backing from established corporate promoter Hero MotoCorp(p.356)
- • Established governance structure with independent directors and board committees(p.346)
Weaknesses
- • Continued operating losses and negative profitability(p.45)
- • Persistent negative operating cash flows(p.52)
- • Limited operating history and unproven business model(p.52)
- • Heavy dependence on external suppliers for key components(p.49)
- • Recurring customer complaints and quality issues(p.50)
- • Accumulated losses and operating cash burn(p.57)
- • Negative EBITDA and margin challenges(p.64)
- • High dependence on few E2W models for revenue(p.66)
- • Low capacity utilization limiting economies of scale(p.75)
- • Contingent liabilities representing significant portion of net worth(p.60)
- • High litigation exposure with claims exceeding net worth(p.55)
- • Dependence on key personnel including Co-founders(p.75)
- • Geographic concentration in South India(p.59)
- • High debt obligations relative to equity(p.89)
- • Consistent operational losses affecting profitability(p.116)
- • Significant debt burden with increasing borrowings(p.115)
- • Heavy reliance on strategic investor Hero MotoCorp with potential conflict of interest(p.107)
- • Negative cash flows from operations impacting liquidity(p.117)
- • Company is not yet profitable with sustained losses(p.214)
- • High outstanding debt with no rating from credit agencies(p.214)
- • Lower fixed asset base limiting collateral for lenders(p.214)
- • Delays in payment of statutory employee dues(p.192)
- • Dependence on single existing facility (Hosur Factory) for assembly and battery manufacturing(p.173)
- • Significant cash burn despite improving trajectory; not yet EBITDA positive(p.271)
- • High dependence on government subsidies; reduced 77% over three fiscal years(p.283)
- • Market share erosion; ranked 4th by December 2024 vs 3rd in FY2024(p.262)
- • Concentration of distribution in southern region; 61% of sales from only 33% of market(p.281)
- • Limited geographic reach; only 280 experience centres (265 in India) as of December 31, 2024(p.263)
- • New platforms (EL and Zenith) still in development; revenue concentration in single 450X platform(p.280)
- • Dependence on two foreign suppliers for lithium-ion cells (China and South Korea)(p.308)
- • Subsidy dependency with reducing government support from ₹42,448 per unit in FY 2022 to ₹9,643 in 9M FY 2025(p.284)
- • Low capacity utilization at Hosur Factory with 39% utilization in 9M FY 2025(p.304)
- • Quality issues with new Ather Rizta model showing 48% straight pass ratio versus 80% for Ather 450(p.305)
- • High customer complaint volume with 2,383 complaints in 9M FY 2025 versus 926 in 9M FY 2024(p.313)
- • Significant accumulated losses and consistent operating losses(p.375)
- • Current liabilities exceed current assets (excluding CCPS classified as current)(p.375)
- • High financial leverage and significant borrowings(p.368)
- • Substantial cash burn in operations(p.370)
- • Significant pending tax demands from authorities(p.488)
- • Material GST tax demand pending(p.488)
- • Litigation involving promoter and criminal charges(p.488)
- • Multiple tax cases pending across direct and indirect tax(p.488)
- • Consumer complaints regarding product and service deficiencies(p.488)
Opportunities
- • Rapid growth in Indian E2W market expansion(p.26)
- • Increasing premiumisation trend in 2W industry(p.26)
- • Favorable government support and incentive continuation(p.26)
- • International expansion opportunity(p.26)
- • Expansion into new product portfolio and markets(p.51)
- • Rapid EV market growth in India(p.102)
- • Expansion of product portfolio and new market segments(p.58)
- • Factory 3.0 capacity expansion to achieve scale(p.78)
- • Government incentive schemes supporting EV adoption(p.69)
- • Strategic collaboration with Hero MotoCorp on charging interoperability(p.59)
- • Geographic expansion beyond South India(p.59)
- • Software and value-added services revenue stream(p.67)
- • Proprietary technology standards and ecosystem development(p.90)
- • Expansion of manufacturing capacity with new factory in Maharashtra(p.171)
- • Growing E2W market demand in India(p.103)
- • Enhancement of brand through public listing(p.171)
- • E2W penetration expected to grow from 5.1% in FY2024 to 35-40% by FY2031(p.173)
- • E2W market expected to grow at 41-44% CAGR to reach 10.3-12.3 million units by FY2031(p.174)
- • Geographic expansion opportunity with Factory 3.0 in Maharashtra to serve high-penetration West India region(p.173)
- • Planned expansion into motorcycle segment with new platform development(p.194)
- • Low EV penetration in motorcycle market presents untapped opportunity(p.194)
- • Massive domestic E2W market growth trajectory: 41-44% CAGR to 10.3-12.3M units by FY2031(p.264)
- • Scooter electrification expected to reach ~70% penetration by FY2031 vs current 14.7%(p.264)
- • Massive under-penetrated convenience scooter segment (81% of ICE scooter market)(p.279)
- • Ather Rizta gaining rapid traction; 52% of sales volume after only 9 months launch(p.279)
- • Expansion into motorcycle segment (62-63% of 2W market) through new Zenith platform(p.280)
- • International export opportunity; Indian E2Ws offer more features than global peers(p.282)
- • Geographic expansion within India; 67% of E2W sales outside south zone despite 61% of Ather's sales concentration(p.281)
- • Manufacturing expansion via Factory 3.0; capacity to reach 1.42M units from current 0.42M(p.282)
- • Battery pack price decline expected to reduce costs from US$115/kWh in 2024 to US$80/kWh by 2030(p.284)
- • Factory 3.0 expansion in Maharashtra targeting 1 million E2Ws per year capacity by 2027(p.307)
- • Entry into convenience segment with Ather Rizta capturing broader 2W market(p.285)
- • Development of two new E2W platforms and motorcycle platform for expanded addressable market(p.296)
- • Mass media brand awareness campaigns targeting broader consumer base beyond early adopters(p.285)
- • Expansion of charging infrastructure reducing EV adoption barriers with 799 chargers added in 9M FY 2025(p.285)
- • Financing uptake growth with customer financing CAGR of 198% from FY 2022 to FY 2024(p.302)
- • International expansion into Nepal and Sri Lanka with experience centres already operational(p.309)
- • Expansion of electric vehicle market and customer demand growth(p.375)
- • Collaboration with Hero MotoCorp for charging infrastructure interoperability(p.361)
- • Development of new products and services(p.375)
Threats
- • Uncertain EV market adoption and demand volatility(p.53)
- • Intense competition from multiple EV manufacturers(p.53)
- • Battery fire and safety risks(p.48)
- • Low EV market penetration with ICE dominance(p.53)
- • Dependence on government subsidies and incentives(p.50)
- • Intense competition from established players and new entrants(p.62)
- • Dependence on foreign suppliers for critical battery components(p.53)
- • Supply chain disruptions and material cost inflation(p.70)
- • Battery safety and thermal runaway risks(p.53)
- • Risk of government subsidy reduction or policy changes(p.68)
- • Pricing pressure from competition in mature markets(p.57)
- • Regulatory changes and compliance requirements(p.101)
- • Battery performance deterioration and warranty claims(p.81)
- • Economic slowdown reducing consumer demand(p.102)
- • Inadequate public charging infrastructure limiting adoption(p.91)
- • Technology obsolescence and rapid EV industry evolution(p.83)
- • Litigations and regulatory proceedings(p.60)
- • Sensitivity to Indian economic conditions and discretionary spending(p.103)
- • Global financial market volatility impact on India(p.104)
- • Persistent inflation pressures affecting costs(p.104)
- • Geopolitical disruptions affecting supply chain(p.104)
- • Natural disasters and force majeure events(p.104)
- • Intense competition from established and new entrants(p.106)
- • Uncertainty in market price and trading post-listing(p.107)
- • Disruption risks to existing Hosur Factory operations from natural disasters, power outages and labour disputes(p.173)
- • Challenges setting up new Factory 3.0 in unfamiliar geography with undeveloped EV ecosystem(p.173)
- • Exchange rate fluctuations affecting profitability, finance costs and margins(p.172)
- • R&D efforts may not yield expected results and fail to recoup investments(p.194)
- • Dependence on management discretion regarding deployment of Net Proceeds and funding requirements subject to change(p.172)
- • Intensifying competition from legacy OEMs and new entrants; Ola, TVS, Bajaj all gaining share(p.238)
- • Policy uncertainty; subsidy changes directly impacted sales (57% sequential slowdown June 2023)(p.237)
- • Charging infrastructure gaps; limited public chargers despite government targets(p.259)
- • Heavy dependence on imported lithium-ion cells; India import-dependent with no domestic capacity yet(p.260)
- • Geopolitical and supply chain risks including semiconductor shortage precedent(p.260)
- • Raw material price volatility and INR/USD exchange rate exposure on import costs(p.260)
- • Economic slowdown risk; GDP growth moderation could impact affordability and two-wheeler demand(p.258)
- • Battery technology obsolescence risk; evolution from LFP/NMC to solid-state batteries(p.261)
- • Skilled manpower availability constraints as EV technology advances rapidly(p.260)
- • Declining government subsidies from ₹42,448 per unit in FY 2022 to ₹9,643 in 9M FY 2025 impacting margins(p.284)
- • Dependence on two foreign cell suppliers creates supply chain vulnerability(p.308)
- • Availability and slow development of charging infrastructure remain barriers to EV adoption(p.299)
- • Rapidly evolving battery technology with requirement for continuous R&D investment(p.308)
- • Intense competition from other EV manufacturers including hero MotoCorp, Ola, and TVS(p.300)
- • Uncertainty around going concern despite IPO proceeds(p.366)
- • Ability to pay dividends severely constrained by losses and debt covenants(p.363)
- • Dependence on external funding for continued operations and growth(p.375)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tarun Sanjay Mehta | Promoter | 6.81% | — |
| Swapnil Babanlal Jain | Promoter | 6.81% | — |
| Hero MotoCorp Limited | Promoter/Promoter Group | 38.19% | — |
| Hero MotoCorp Limited | Promoter | 38.19% | — |
| Tarun Sanjay Mehta | Promoter | 6.81% | — |
| Swapnil Babanlal Jain | Promoter | 6.81% | — |
| Tarun Sanjay Mehta | Co-founder/Promoter | — | — |
| Swapnil Babanlal Jain | Co-founder/Promoter | — | — |
| Tarun Sanjay Mehta | Founder and Promoter | — | — |
| Swapnil Babanlal Jain | Founder and Promoter | — | — |
| Tarun Sanjay Mehta | Individual Promoter and Executive Director | 6.81% | — |
| Swapnil Babanlal Jain | Individual Promoter and Executive Director | 6.81% | — |
| Hero MotoCorp Limited | Corporate Promoter | — | — |
| Tarun Sanjay Mehta | Promoter | 35% | — |
| Swapnil Babanlal Jain | Promoter | 35% | — |
| Hero MotoCorp Limited | Promoter | — | — |
| Hero MotoCorp Limited (HMCL) | Promoter/Promoter Group | — | — |
| Tarun Sanjay Mehta | Promoter | — | — |
| Swapnil Babanlal Jain | Promoter | — | — |
| Caladium Investment Pte Ltd | Selling Shareholder | — | — |
| National Investment and Infrastructure Fund II | Selling Shareholder | — | — |
| Internet Fund III Pte. Ltd. | Selling Shareholder | — | — |
| IITM Incubation Cell | Selling Shareholder | — | — |
| IITMS Rural Technology and Business Incubator | Selling Shareholder | — | — |
| Amit Bhatia | Selling Shareholder | — | — |
| Tarun Sanjay Mehta | Selling Shareholder | — | — |
| Swapnil Babanlal Jain | Selling Shareholder | — | — |
| Amit Bhatia | Selling Shareholder | — | — |
| Caladium Investment Pte Ltd | Selling Shareholder | — | — |
| IITM Incubation Cell | Selling Shareholder | — | — |
| IITMS Rural Technology and Business Incubator | Selling Shareholder | — | — |
| Internet Fund III Pte. Ltd. | Selling Shareholder | — | — |
| National Investment and Infrastructure Fund II | Selling Shareholder | — | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Ather Energy IPO FAQs
What is the lot size of Ather Energy IPO?
The minimum lot size of Ather Energy IPO is 46 shares. One lot costs ₹14,766 at the cut-off price.
When does Ather Energy IPO open and close?
Ather Energy IPO opened for subscription on 28 Apr 2025 and closed on 30 Apr 2025.
What is the listing date of Ather Energy IPO?
Ather Energy IPO listed on 06 May 2025.