Ather Energy's top investors Tiger Global, GIC and founders set to ride home with multi-bagger returns

Singapore’s sovereign wealth fund GIC, through Caladium Investment, and the National Investment and Infrastructure Fund (NIIF), both of which joined Ather’s cap table in 2022, are also set to record strong gains

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26 Aug, 2025 12:21

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Promoters and early investors in the IPO-bound electric two-wheeler manufacturer Ather Energy are poised to see substantial returns as the public offering gets ready to roll out next week.

Internet Fund III Pte, backed by Tiger Global and an early investor since 2015, is expected to earn more than seven times its original investment. The fund’s average acquisition price is around Rs 38.58 per share, according to RHP and it currently holds a 6.56 percent stake, or 1.98 crore shares. At the IPO’s upper price band of Rs 321 per share, this stake is valued at over Rs 655 crore.

Singapore’s sovereign wealth fund GIC, through Caladium Investment, and the National Investment and Infrastructure Fund (NIIF), both of which joined Ather’s list of investors in 2022 are also set to record strong gains. Caladium Investment average acquisition price is around Rs 204.24 per share and it now holds a 15.43 percent stake, or 4.65 crore shares valued at around Rs 1,493 crore. NIIF, which has 6.77 percent holding, or 2.04 crore shares, at an average price of Rs 183.71 per share, now sees its investment valued at around Rs 655 crore.

Co-founders Tarun Mehta and Swapnil Jain each hold a 6.81 percent stake, or 2.06 crore shares, and their average acquisition price is estimated to be Rs 43.27 per share. This translates into their respective holdings at the price band valued at roughly Rs 659 crore.

Ather’s largest stakeholder, Hero MotoCorp, owns a 38.19 percent stake, or 11.51 crore shares, acquired at an average price of Rs 145.99 per share. This holding is now valued at approximately Rs 3,694 crore at the top end of the IPO price band.

Electric vehicle maker Ather Energy has set a price band of Rs 304-321 per share for its initial public offering, which will open for subscription on April 28. The anchor book will open on April 25, with the IPO subscription window running from April 28-30. The basis of allotment will be finalized on May 2, and refunds will be initiated and equity credited by May 5. The stock of Ather is scheduled to list on exchanges on May 6.

The offer comprises a fresh issue of Rs 2,626 crore and an offer for sale of up to 1.1 crore shares, which at the upper end of the band translates to roughly Rs 354.76 crore. The total issue size has been revised down to around Rs 2,980.76 crore from an earlier plan of Rs 4,000 crore, implying a post-issue valuation of about Rs 11,956 crore.

For the nine months ended December 2024, Ather Energy reported revenue of Rs 1,578.90 crore, up from Rs 1,230.40 crore a year earlier, while its net loss narrowed to Rs 577.90 crore from Rs 776.40 crore.

Ather Energy will be the second pure-play Indian electric vehicle manufacturer to go public following Ola Electric’s IPO last year. The book running lead managers handling the public issue are Axis Capital, HSBC Securities and Capital Markets (India), JM Financial, and Nomura Financial Advisory and Securities (India).