India’s electric vehicle (EV) industry is heating up again! After a lull of nearly two months in the IPO market, Ather Energy IPO 2025 is all set to hit the bourses on April 28. As investors gear up for this much-anticipated listing, it’s time to understand what this IPO offers, what it signals for the broader EV space, and whether it makes sense to jump in.
🚘 Ather Energy IPO: Dates, Price Band, and Offer Details
Electric scooter manufacturer Ather Energy has set the IPO price band at ₹304–₹321 per share. The issue opens on April 28 and closes on April 30, with anchor investment kicking off from April 25. The company will list on stock exchanges by May 6.
The total issue size is approximately ₹2,980.76 crore, including a fresh issue worth ₹2,626 crore and an offer for sale of 1.1 crore shares (around ₹354.76 crore). Interestingly, this is a downward revision from the earlier plan of ₹4,000 crore—signaling cautious optimism amid volatile market sentiment.
While Ather originally aimed for a valuation of $2.5 billion when it filed its DRHP in September 2024, it has now trimmed it to about $2.4 billion, or roughly ₹11,956 crore.
📉 Market Reactions: A Strategic Bet or a Rush to List?
This IPO will be closely watched by the entire startup and equity market ecosystem. With only nine IPOs launched in 2025 so far, raising ₹15,722 crore (as per Prime Database), the reception to Ather’s IPO could set the tone for the months ahead.
Experts have mixed opinions. According to Jayant Mundhra, an independent analyst, the sharp valuation cut and the last-minute reduction in fundraising hint at urgency. “It gives off the vibe of a desperate attempt to list quickly,” he says, which may dent investor confidence.
Still, from a broader lens, it’s encouraging to see an innovative EV company daring to go public when the rest are in ‘wait-and-watch’ mode. As Rajesh Palivya of Axis Securities rightly puts it, many firms are tracking Ather’s market debut before pressing the IPO button themselves.
⚡ Financials and Fundamentals: Is the Ride Smooth?
Let’s break down Ather’s financial performance for the nine months ending December 2024:
- Revenue surged to ₹1,617.90 crore, slightly less than ₹1,789 crore year-on-year
- Net loss narrowed to ₹577.90 crore from ₹1062.40 crore the previous year
Clearly, the top line is improving. The bottom line, though still in red, is showing a positive trend. Given the capex-heavy nature of EV manufacturing and the infancy of this sector in India, such losses aren’t shocking. In fact, many high-growth firms bleed cash before turning profitable.
Ather’s business model hinges on two critical factors: the rapid adoption of electric mobility and continuous investment in battery tech and charging infrastructure. The IPO proceeds are expected to go into expanding production capacity, R&D, and network expansion.
🔋 Ather vs Ola: India’s Race in EV Listings
This IPO makes Ather Energy the second pure-play Indian EV firm to go public, after Ola Electric’s 2024 listing. While Ola’s IPO drew both excitement and caution, the spotlight now shifts to how Ather’s offering will fare.
There are key differences. Ather has positioned itself as a premium scooter brand with strong urban appeal, while Ola has cast a wider net across price points. Ather’s distribution network is relatively lean but growing steadily.
For retail investors, this IPO is also a chance to ride India’s broader EV revolution, now bolstered by government subsidies, PLI schemes, and a favourable policy environment. As Indian consumers become more climate-conscious, EVs are gaining serious ground—and so are the companies building them.
🔍 Should You Invest in Ather Energy’s IPO?
If you’re an investor looking for long-term exposure to the EV megatrend, Ather’s IPO deserves your attention. It offers access to a promising sector with strong growth potential, albeit with some short-term financial risks.
That said, tread cautiously. The company is still loss-making, and there’s stiff competition—not just from Ola, but legacy auto players like Bajaj, TVS, and even new Chinese entrants who are eyeing Indian roads.
Use this IPO as a diversification play, not a speculative punt. As always, read the red herring prospectus, understand the risk factors, and assess your investment horizon. Don’t invest blindly just because it’s an EV company.
🧠 Final Thoughts: Ather Energy IPO Could Be a Bellwether
The success (or failure) of the Ather Energy IPO 2025 could influence the trajectory of India’s IPO pipeline this year. It’s not just about one EV company—it’s about market sentiment, startup confidence, and investor risk appetite in uncertain times.
The fact that a tech-forward, sustainability-driven firm like Ather is going public gives hope to India’s new-age economy. But like any IPO, it’s a double-edged sword—rewarding for some, regretful for others.
In conclusion, keep your research engine running, ride the EV wave wisely, and may your trades always stay in the green!
Disclaimer: The views and investment insights provided here are based on publicly available information and do not constitute financial advice. Readers are advised to conduct their own research or consult certified financial experts before making investment decisions.
