Ather Energy Limited, a leading electric two-wheeler manufacturer, made its stock market debut today, May 6, 2025, with shares being listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The listing follows the company’s initial public offering (IPO), which concluded on April 30 with moderate investor interest.
The equity shares of Ather Energy have been placed under the ‘B’ Group of Securities and were available for trading from 10:00 AM as part of the Special Pre-open Session (SPOS) on Tuesday.
The IPO, which raised approximately ₹2,981 crore, comprised a fresh issue of 8.18 crore equity shares worth ₹2,626 crore and an offer-for-sale (OFS) of 1.11 crore shares amounting to ₹355 crore. The price band for the IPO was fixed at ₹321 per share.
Despite a final-day surge in demand—driven largely by Qualified Institutional Buyers (QIBs)—the overall subscription stood at 1.43 times, reflecting a relatively subdued response from non-institutional investors (NIIs) and retail participants.
In the grey market, Ather Energy’s shares were trading with a modest premium of ₹14 ahead of the listing, indicating a potential listing price of ₹335—about 4.36% above the issue price. However, analysts remained cautious about near-term prospects.
Prashanth Tapse, Senior Vice President of Research at Mehta Equities, suggested that the issue was aggressively priced and may face a flat or mildly negative listing, citing the highly competitive and capital-intensive nature of the electric vehicle (EV) sector. He advised high-risk investors to hold with caution, while conservative participants may benefit from observing post-listing performance before making a move.
Gaurav Goel, Founder and Director at Fynocrat Technologies, also noted the lukewarm response in the unlisted market, with grey market premium (GMP) narrowing to around ₹7 on the eve of listing. “Given the muted investor sentiment and competitive industry landscape, we expect limited immediate upside,” he said.
Industry experts highlighted that while the EV two-wheeler market is poised for long-term growth, players like Ather face ongoing challenges in scaling operations and achieving profitability. This adds to investor concerns amid a volatile business environment and a crowded EV marketplace.
The IPO was managed by leading investment banks including Axis Capital, HSBC Securities, JM Financial, and Nomura Financial Advisory, with Link Intime India Pvt Ltd serving as the registrar.
