Ather Energy sets price band at Rs 304-321 per share; market to see first IPO in two months next week

Ather Energy IPO

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. This marks India’s first IPO in nearly two months, and industry observers expect most companies to stay on the sidelines until they see how Ather’s issue is received and how its shares perform upon listing.

The anchor book will open on April 25, the IPO subscription window will run from April 28 to April 30, and the basis of allotment will be finalized on May 2, while refunds initiated and equity credited by May 5, and the stock 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. In September, Ather Energy filed its draft red herring prospectus, aiming for a $2.5 billion IPO; as markets corrected, that valuation was trimmed to $2.4 billion.

“From an incoming investor’s perspective, multiple valuation cuts and a last-minute downsizing of the fundraise suggest an urgent rush to list, which may not inspire confidence,” said Jayant Mundhra, an independent research analyst. “While I could be mistaken, a company that appears desperate to go public at any cost raises red flags.”

After a record 2024 in which companies raised Rs 1.6 lakh crore through IPOs, only nine issuers have launched deals so far in 2025, raising just Rs 15,722 crore, according to Prime Database.

Click Here To Read All IPO News

Rajesh Palivya of Axis Securities noted that although secondary markets have begun to rally and foreign investors are returning, most firms planning IPOs will remain in wait-and-watch mode until they see the response to Ather Energy’s listing.

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 become 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).