Ather Energy IPO Goes Live: Listing Price, GMP, and Subscription Details Inside

Ather Energy, the electric vehicle startup based in Bengaluru, is making headlines today as it debuts on the stock exchanges, becoming the first mainboard IPO to list in the financial year 2025-26. The much-anticipated public issue, which raised ₹2,626 crore, has sparked interest because of the company’s positioning in the EV space and the evolving investor sentiment around IPOs in 2025.

Let’s walk through everything you need to know about Ather Energy’s IPO listing—step by step —including the price action, grey market premium (GMP) trends, subscription status, fund utilization, and company profile.

Listing Day Performance

On Tuesday, 6 May, Ather Energy shares were listed at ₹328 on the NSE and ₹326.05 on the BSE—modestly above the IPO issue price of ₹321. This translates to a listing gain of around 2.18% and 1.57%, respectively. While this performance aligns with the grey market’s signals of a mild pop, it also reflects the cautious optimism prevalent among investors today.

It’s worth noting that the stock did see some intraday volatility post-listing, dipping below its issue price at times. This underscores the delicate balance between investor expectations and real-time market sentiment on debut day. Source: Mint

IPO Details

Offer Price	₹304 to ₹321 per share
Face Value	₹1 per share
Opening Date	28 April 2025
Closing Date	30 April 2025
Total Issue Size (in Shares)	9,28.58, 599
Total Issue Size (in ₹)	₹ 2980.76 Cr
Issue Type	Book Built Issue IPO
Lot Size	46 Shares
Listing at	BSE, NSE

Grey Market Premium (GMP) Trends

Ather Energy’s grey market premium has had an interesting trajectory. Initially, the company’s unlisted shares commanded a premium of ₹17. However, as the bidding window closed and market sentiment turned cautious, the GMP dropped significantly.

By last week, the GMP had fallen to ₹1—a sharp decline from the earlier highs. On 5 May, just a day ahead of listing, the premium recovered slightly to ₹7 per share, as per data from investorgain.com. That translates to a potential listing gain of just around 2.18% over the upper issue price of ₹321.

This steady decline and modest recovery reflect the market’s muted appetite for early-stage gains in contrast to the more euphoric reactions we’ve seen during previous new-age tech IPOs. It signals a shift toward more measured evaluations of value and growth prospects. Source: Times Now

IPO Subscription Details: Who Subscribed and How Much

The ₹2,626 crore issue was open for bidding from April 28 to April 30. While expectations were high, the overall response was lukewarm compared to recent IPOs in similar sectors.

Here’s a quick snapshot of how different investor categories responded:

Investor Category	Subscription Status	Additional Details
Retail Investors	1.78 times	Allocation: 10%
Qualified Institutional Buyers (QIBs)	1.70 times	Allocation: 75%
Non-Institutional Investors (NIIs)	0.66 times	Allocation: 15%
Employees	5.43 times	₹30 per share discount
Overall Subscription	1.43 times	Reflects moderate overall demand

The subscription stood at 1.43 times, indicating decent but not overwhelming demand. The employee quota was the most subscribed segment, suggesting internal confidence in the company’s future. In terms of allocation, 75% of the offer was reserved for QIBs, 15% for NIIs, and 10% for retail investors. Source: The Economic Times

IPO Structure and Allotment Status

The IPO combined a fresh issue and an offer-for-sale (OFS). Existing shareholders who offloaded part of their stakes include National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd., and entities backed by IIT Madras. Even the company’s co-founders—Tarun Mehta and Swapnil Jain—partially reduced their holdings through the OFS component.

Allotment for the IPO was finalized on Friday, 3 May. Shares were credited to successful investors’ demat accounts, and refunds for unallocated shares were processed on Monday, 5 May.

Use of Proceeds: Where the ₹2,626 Crore Will Go

Ather Energy has laid out a detailed plan for utilizing the IPO proceeds, aiming to expand capacity and drive innovation:

• ₹927.2 crore will be used to set up a new Chhatrapati Sambhajinagar, Aurangabad, Maharashtra manufacturing facility.
• ₹750 crore is allocated for research and development to enhance product innovation.
• ₹300 crore will be directed toward brand building and marketing activities.
• ₹40 crore will go toward repaying existing debt.

These investments are expected to be carried out between FY26 and FY28, underlining Ather’s long-term vision for scaling up operations while strengthening its R&D backbone. Source: Mint

Company Overview: Ather Energy?

Founded in 2013, Ather Energy is a vertically integrated electric two-wheeler (E2W) manufacturer headquartered in Bengaluru. The company designs, develops, and assembles high-performance electric scooters such as:

• 450 Apex
• 450X
• 450S
• Rizta (a more family-oriented option)

What sets Ather apart is its ecosystem-based approach. In addition to vehicle manufacturing, it has built Ather Grid, a nationwide charging infrastructure network designed to support its growing customer base. Ather’s in-house R&D team and battery manufacturing units reflect its focus on building a robust, technology-driven EV business in India.

Broader IPO Landscape

Ather’s IPO also carries weight because of the overall slowdown in IPO activity this year. After a record-breaking 2024, where companies raised ₹1.6 lakh crore via public issues, 2025 has seen only nine IPOs, raising just ₹15,722 crore.

The relatively slow pace in 2025 can be attributed to global market volatility, inflationary concerns, and geopolitical developments that have made investors more selective. Source: The Economic Times

Conclusion

Ather Energy’s stock market debut represents a key milestone—not just for the company but also for the EV sector and IPO landscape. While the listing gains have been modest, the focus now shifts to how Ather executes its growth plans over the next few years.

With clear objectives for capacity expansion, R&D, and market presence, the post-IPO journey will likely be shaped more by fundamentals and delivery than short-term momentum.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.