Ather Energy IPO Live Updates: Subscription status, GMP trends, analyst recommendations

Ather Energy, India's second electric two-wheeler company to go public after Ola Electric, has opened its IPO for subscription. Ola Electric had previously raised ₹6,145 crore through its IPO in August 2024.

Qualified Institutional Buyers (QIBs): 0.00 times

Non-Institutional Investors (NIIs): 0.16 times

Retail Individual Investors (RIIs): 0.63 times

Employee Reserved Category: 1.78 times

Overall Subscription: 0.16 times

Grey Market Premium (GMP) Update

As per Investorgain.com, Ather Energy’s IPO is commanding a marginal grey market premium (GMP) of Re 1. With a price band of ₹321 per share, the expected listing price is around ₹322, indicating a minimal upside of 0.31%.

Company Snapshot

Founded in 2013, Ather Energy is a vertically integrated EV company focused on electric two-wheelers (E2Ws). The company also offers the Ather Grid (public fast-charging network) and Atherstack (a proprietary software suite with 64 connected features as of July 2024).

Analysts’ Recommendations

Ventura Securities: Advises 'Subscribe' for potential listing gains, highlighting Ather's innovation, premium focus, and ongoing expansion through its new Factory 3.0, aimed at producing 10 lakh units annually by mid-FY26.

Bajaj Broking: Recommends subscribing with a long-term investment perspective, noting financial challenges but strong growth potential, backed by a robust parent group.

Arihant Capital: Suggests 'Subscribe for listing gains', citing Ather’s strong market position, premium product portfolio, cost optimizations, and future production capacity expansion to 1.42 million units by FY27.

Financial Overview

Despite its growth efforts, Ather Energy reported borrowings exceeding ₹1,121 crore as of December 31, 2024, and continues to operate at a loss with a negative P/E ratio.

Key Details

IPO Open Date: April 28, 2025

IPO Close Date: April 30, 2025

Anchor Investment: Raised ₹1,340 crore from anchor investors as of April 25, 2025.

Lead Managers: Axis Capital, HSBC Securities, JM Financial, Nomura Financial.

Registrar: Link Intime India Pvt Ltd.

Listing Date (Tentative): May 6, 2025