Ather Energy’s IPO is complete: the final offer was valued at up to ₹29,808 million (₹2,980.8 crore), at ₹321 per share, and trading was scheduled to begin on or about May 6, 2025. The earlier “$530 million” headline described a proposed offering, not the final amount. Of the final offer, ₹26,260 million came from newly issued shares for Ather; up to ₹3,548 million came from existing shareholders selling shares.
What was Ather Energy’s final IPO size?
Ather Energy Limited’s final prospectus, dated April 30, 2025, set the offer at up to ₹29,808 million, or ₹2,980.8 crore, at ₹321 per share. The ₹321 price comprised a ₹1 face value and a ₹320 premium. The issue value is not the same as the cash Ather itself received: part of the offer was a sale of existing shares.
| Final offer component | Shares | Amount | Who received the proceeds? |
|---|---|---|---|
| Fresh issue | 81,816,199 newly issued shares | ₹26,260 million (₹2,626 crore) | Ather Energy |
| Offer for sale (OFS) | 11,051,746 existing shares | Up to ₹3,548 million (₹354.8 crore) | Selling shareholders |
| Total offer | 92,867,945 shares | Up to ₹29,808 million (₹2,980.8 crore) | Split between the company and selling shareholders |
These are the final prospectus figures; the OFS amount is stated as “up to” ₹3,548 million. In a fresh issue, the company creates and sells new shares, so the proceeds go to the issuer. In an OFS, existing holders sell shares they already own, and those proceeds go to the sellers rather than to Ather.
How did the final offer change from the proposal?
The $530 million figure belongs to an earlier proposal and should not be treated as the final IPO size. The September 2024 draft proposed a fresh issue of ₹3,100 crore and an OFS of up to about 22 million shares. By the April 2025 offer, both the fresh issue and the number of shares offered for sale had been reduced.
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| Offer measure | September 2024 draft | Final offer |
|---|---|---|
| Fresh issue | ₹3,100 crore proposed | ₹2,626 crore (₹26,260 million) |
| Offer for sale | Up to about 22 million shares proposed | 11,051,746 shares, worth up to ₹3,548 million |
| Final price | Not stated in the September 2024 proposal cited by Financial Express | ₹321 per share |
The ₹530 million headline, the ₹3,100 crore draft fresh issue and the final ₹2,626 crore fresh issue describe different stages or components of the offer. The final prospectus provides the precise final share counts and rupee amounts.
When did Ather Energy list?
SEBI’s filing index records the Red Herring Prospectus date as April 23, 2025; the final prospectus was dated April 30. On May 5, the exchange basis-of-allotment announcement said BSE and NSE listing and trading approvals had been received and that trading would commence on or about May 6, 2025. The announcement’s timing was prospective; it stated an expected start date, not a guarantee of the eventual first trade time.
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The exchange announcement also cautioned investors: “THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF ATHER ENERGY LIMITED.” The ₹321 IPO issue price is the offer price, not a current share price.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What risks did Ather disclose in its offer documents?
The following are risks identified in Ather’s offer-document disclosures, not independent findings or a forecast of future results. The financial figures are historical and refer to the specific reporting periods stated.
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- Operating losses and cash use: Ather reported revenue from operations of ₹15,789 million and a loss before tax of ₹5,779 million for the nine months ended December 31, 2024. For the fiscal year ended March 31, 2024, it reported revenue from operations of ₹17,538 million and a loss before tax of ₹10,597 million.
- Negative operating cash flow: Net cash used in operating activities was ₹7,171 million for the nine months ended December 31, 2024, compared with ₹2,676 million for the fiscal year ended March 31, 2024.
- Product concentration: The Ather 450 and Rizta together accounted for 88% of operating revenue in the nine months ended December 31, 2024. The prospectus reported 90% for fiscal 2024 and 80% for fiscal 2023.
- Geographic concentration: Southern zones accounted for 61% of sales volumes in the nine months ended December 31, 2024; the prospectus reported 68% for fiscal 2024.
- Supplier dependence: Ather highlighted its reliance on third-party suppliers for components and cells.
The prospectus names Tarun Sanjay Mehta, Swapnil Babanlal Jain and Hero MotoCorp Limited as promoters. It describes Ather’s electric two-wheeler portfolio as variants of the Ather 450 and Rizta lines. These company and product details do not remove the financial, supply-chain or concentration risks above.
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Sources and scope
- SEBI filing index for Ather Energy Limited (records the Red Herring Prospectus dated April 23, 2025).
- Ather Energy final prospectus and IPO documents (final offer terms, dated April 30, 2025, and issuer disclosures).
- Financial Express report on the proposed and revised offer (September 2024 proposal and reported changes before the final offer).
- BSE exchange announcement (basis of allotment, approvals and expected trading commencement).
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