April 2025
Bengaluru-based electric vehicle manufacturer Ather Energy is set to revive India’s mainboard IPO market with its public issue scheduled from April 28 to April 30. This will be the first and largest IPO of FY26, ending a two-month dry spell that began after Quality Power listed on February 24, 2025.
The much-awaited IPO will raise ₹2,626 crore via fresh equity, down from the earlier proposed ₹3,100 crore due to fragile market conditions. The offer for sale (OFS) portion has also been trimmed to 1.1 crore shares, half of the 2.2 crore outlined in the earlier DRHP.
The IPO comes amid market volatility, investor caution, and a slowdown in secondary market momentum. Despite these challenges, Ather is moving forward, backed by strong fundamentals and marquee investors like Hero MotoCorp, Sachin Bansal, Binny Bansal, Tiger Global, and the National Investment and Infrastructure Fund (NIIF).
Founded in 2013, Ather Energy is known for designing and manufacturing electric scooters and battery packs, along with developing supporting software and charging infrastructure. Its portfolio includes the Ather 450 Apex, 450X, 450X Pro, 450S, and the newly launched Rizta.
In FY24, Ather sold 109,577 electric two-wheelers, ranking third in volume in India’s growing EV market, according to CRISIL. With a current valuation of ₹12,000 crore (down from ₹14,000 crore projected earlier), the company plans to channel IPO proceeds into setting up a new factory in Maharashtra, boosting R&D, repaying borrowings, and scaling marketing and corporate operations.
The IPO marks a critical step in Ather’s journey toward expanding its footprint in India’s electric mobility space. With regulatory approvals in hand and revised DRHP filed, the listing is expected to reignite investor interest in EV sector IPOs.
Ather’s IPO isn’t just about raising capital — it’s about redefining the roadmap for EV innovation in India.
