Ather Energy Ltd
Electric VehiclesUpcomingGMP
₹42
13.1%
About the Company
Ather Energy is India's leading premium electric two-wheeler manufacturer, known for the Ather 450X and Ather Rizta. The company has a vertically integrated model with in-house battery management systems.
Business Model
Ather designs, manufactures, and sells premium electric scooters directly (D2C) through experience centres and online. Revenue from vehicle sales + accessories + subscription (Ather Connect). Expanding fast across Tier 2/3 cities.
Promoters
No traditional promoter. Tarun Mehta (Co-founder, CEO) and Swapnil Jain (Co-founder, CTO) are key founders. Hero MotoCorp is the largest investor (~37%) and part-OFS seller.
Key Strengths
- Pioneer of software-defined EV with OTA updates in India
- Strong brand among premium urban EV buyers
- Vertically integrated — in-house battery management
- Expanding product range: 450X, Rizta for family segment
- Experienced founding team with deep EV expertise
Key Risks
- Loss-making; path to profitability dependent on scale
- Competition from Ola Electric, Bajaj Chetak, TVS iQube
- EV subsidy (FAME) policy changes
- Supply chain risk for battery cells (imported from LG, Samsung)
- Premium positioning limits addressable market
Use of Proceeds
IPO Details
Issue Size
₹3,100 Cr
Fresh Issue
₹2,626 Cr
OFS
₹474 Cr
Price Band
₹304-321
Lot Size
46 shares
Min Investment
₹14,766
Exchange
NSE & BSE
Registrar
Link Intime India Pvt Ltd
Open Date
Apr 28, 2026
Close Date
Apr 30, 2026
Allotment
May 5, 2026
Listing Date
May 7, 2026
Lead Managers