The race for India’s electric future has hit an interesting crossroads. On one track, Ola Electric zoomed past the IPO finish line with roaring speed last year. On the other, Ather Energy, known for its sleek scooters and loyal urban fanbase, is moving cautiously, its IPO drawing a slower, more thoughtful response. As Ather’s public offering enters Day 2, the contrast between the two EV giants reveals not just their different strategies but also what today’s investors really want in India’s booming electric vehicle market.
Here’s a closer look at five things Ather Energy’s IPO tells us about India’s evolving EV story and how it stacks up against Ola Electric’s playbook.
Ola Electric Vs Ather Energy IPO: The start line – Ola Electric entry, Ather on the way
Ola Electric hit the markets in August 2024. Backed by a Rs 6,145 crore issue, it saw a 4.27x oversubscription and a 20% jump on listing day.
In contrast, Ather Energy’s IPO which opened on April 28, 2025 got off to a slow start. Now on its day 2 of subscription, only a fraction of the issue was subscribed by day 1. While Ola Electric came in with noise and momentum, Ather is treading carefully, and investors seem to be doing the same.
Ola Electric Vs Ather Energy IPO: Who is investing?
Ola Electric’s IPO was lapped up by institutional investors and retail buyers alike, with heavy FII participation. Ather, so far, is seeing strong interest from employees with their portion was subscribed 1.78 times. But retail investors are lukewarm, and qualified institutional buyers (QIBs) barely showed up on Day 1, applying for just 5,060 shares against over 2.89 crore on offer.
Ola Electric Vs Ather Energy IPO: What is under the hood – premium vs mass play
Ola Electric built its empire on scale making electric two-wheelers for the masses, backed by a sprawling gigafactory and pricing. Furthermore, the EV maker has also launched multiple vehicles. It is also planning to roll out over 20 more by 2027.
Meanwhile, Ather Energy on the flip side, has stayed niche. This EV company focuses on high end electric scooters with slick tech and strong design. Their latest launch, Ather Rizta, is aimed at families, but looking at their overall strategy, it remains premium-focused.
Ola Electric Vs Ather Energy IPO: Financial health of these companies
The financial health of both these companies are still in the red. Ola Electric posted a net loss of Rs 1,584 crore in FY24, while Ather Energy reported Rs 1,059 crore in losses during the same year. Ola Electric posted 90% YoY revenue growth and improved margins in Q3FY25. Ather’s path to profitability remains unclear, especially given its 6x EV-to-sales valuation and dependence on imported parts.
Ola Electric Vs Ather Energy IPO: Long-term bet or immediate gain?
Ather Energy’s IPO is being seen as a long-term story, a play on India’s urban EV future, innovation, and design-led mobility. As the issue is on its second day of bidding now, some analysts recommend subscribing for listing gains, others warn of overvaluation. The lack of grey market enthusiasm (GMP flat at Rs 1) also reflects that cautious mood.
Ola Electric, despite its ups and downs post-listing, had the first-mover advantage. And while it, too, has faced criticism especially over after sales service.