The buzz around electric vehicles (EVs) has now reached Dalal Street with Ather Energy, one of India’s top electric scooter makers, opening its IPO for subscription today, April 18. But is this IPO worth subscribing? Here’s a simple breakdown of everything you need to know from price details and grey market trends to brokerages views.
Ather Energy IPO details: Price band, issue size and key dates
Ather Energy’s Rs 2,981 crore IPO is the first mainboard public issue of the new fiscal year 2026 (FY26). The company has fixed a price band of Rs 304 to Rs 321 per share for its offer.
The issue is a mix of a fresh issue worth Rs 2,626 crore, and Offer for Sale (OFS) of 1.1 crore shares by existing shareholders.
The allocation of the issue is divided as – 75% reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors
The three-day subscription window will close on April 30, and the shares will list on NSE and BSE on May 6.
Ather Energy IPO: Grey Market Premium (GMP)
Ather Energy’s grey market premium (GMP) tells a cautious story. As of Monday morning, the shares were commanding nil. However, it was Rs 40 premium seen earlier on April 22.
Big anchor investors backing Ather Energy IPO
Before opening its IPO for public subscription, Ather raised Rs 1,340 crore from a host of anchor investors. Some of the major names who have come on board include Custody Bank of Japan, Franklin Templeton, Abu Dhabi Investment Authority, Morgan Stanley Investment Management, Eastspring Investments, and Societe Generale.
Ather Energy IPO: What are brokerages advising?
Bajaj Broking on Ather Energy IPO: “Long-term investors with surplus funds may consider”
Bajaj Broking points out that Ather Energy is still a loss-making company and has a large pile of debt (Rs 1,121 crore as of December 2024). “Considering its current financials, this appears to be a long-term investment story, and therefore, only well-informed investors with surplus funds and a long-term perspective may consider investing moderately,” as per Bajaj Broking’s report.
Arihant Capital on Ather Energy IPO: “Subscribe for listing gains”
Arihant Capital is more optimistic. It highlighted Ather’s position in India’s fast-growing EV market and its early mover advantage. It noted that with new launches like the Ather Rizta and the upcoming Factory 3.0, the company is scaling up fast.
According to Arihant Capital’s report, “We are recommending a ‘Subscribe for listing gain’ rating for this issue.”
Ventura Securities on Ather Energy IPO: “Subscribe for listing gains”
Ventura Securities also gave a thumbs-up for listing gains. It is positive on Ather’s focus on premium products, its Ather Grid charging network, and ongoing investments in R&D.
In its note, Ventura said, “Company is going through major capex with its Ather Factory 3.0… This comes despite challenges such as subsidy cuts and low-capacity utilization.”