Ather Energy IPO: First mainboard public offer of FY26 to open on April 28; issue size cut. Check details here

The Upcoming IPO: As the Indian stock market regained lost ground, the first mainboard public offer for the financial year 2025-26 (FY26) by EV maker Ather Energy is set to hit Dalal Street next week.

According to the company's red herring prospectus (RHP) filed with market regulator SEBI, the initial public offering (IPO) of Ather Energy will open for subscription on Monday, April 28 and close on Wednesday, April 30. The anchor investor bidding date has been fixed as Friday, April 25.

The price band for Ather Energy will likely be declared tomorrow, April 23.

Ather Energy IPO Size

Electric scooter maker Ather Energy has slashed the size of its IPO, as it now plans to raise ₹2,626 crore via fresh share sale as against its earlier plan of ₹3,100 crore.

Moreover, the offer for sale (OFS) size has also been reduced. The existing shareholders will now offload 11.1 million shares, down from 22 million shares earlier, showed the company's RHP.

Ather plans to utilise ₹927.2 crore out of the fresh funds it looks to raise for setting up an E2W factory in Maharashtra. Additionally, ₹40 crore will be used to repay or pre-pay certain borrowings availed by the company, ₹750 crore towards research and development and ₹300 crore for expenditure towards meeting marketing initiatives. The remaining funds will be used for general corporate purposes.

About Ather Energy

Ather Energy is a pure play EV company that sells E2Ws and the associated product ecosystem, comprised of its software, charging infrastructure and smart accessories.

Founded by Tarun Sanjay Mehta and Swapnil Babanlal Jain in 2013, the company sold 107,983 and 109,577 E2Ws in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. According to the CRISIL Report, Ather is the fourth largest player by volume of E2W sales in Fiscal Year 2024 and the nine months ended December 31, 2024, respectively, having a market share of 11.5%.

Financially, Ather Energy has incurred losses since its incorporation, recording a loss before tax of ₹1,059.7 crore for the Fiscal Year 2024 (FY24). This was higher than the ₹864.5 crore loss before tax incurred in FY23 and ₹344.1 crore in FY22.

It also had stagnant revenue growth in FY24 as it posted a revenue of ₹1753.8 crore compared with ₹1780.9 crore in FY23.

Axis Capital, HSBC Securities and Capital Markets (India), JM Financial and Nomura Financial Advisory and Securities are the book-running lead managers for Ather Energy IPO while MUFG Intime India is the registrar to the issue.

The company shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

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