Ather Energy, the Bengaluru-based electric two-wheeler manufacturer, is set to launch its initial public offering (IPO) from April 28 to April 30, marking the first mainboard IPO of the financial year 2025–26. The anchor investment round is scheduled for April 25.
According to the red herring prospectus filed with SEBI, the IPO comprises a fresh issue of equity shares worth ₹2,626 crore—lower than the ₹3,100 crore proposed in the draft red herring prospectus (DRHP) submitted in September 2024. Additionally, the offer-for-sale component has been halved, now standing at 1.1 crore shares compared to the previously planned 2.2 crore shares.
Founders Tarun Mehta and Swapnil Jain will each offload nearly 10 lakh shares in the offering, while Hero MotoCorp, the largest shareholder, has opted not to participate in the sale.
This IPO comes at a time when investor sentiment is cautiously optimistic, following a volatile period for the EV sector, marked by challenges faced by competitors like BluSmart and Ola Electric. The offering will serve as a litmus test for investor confidence in India’s electric vehicle space.
Despite industry-wide fluctuations, Ather has demonstrated resilience. Its sales increased 20% year-on-year to 1,30,913 units in FY25, securing an 11.4% market share. This performance comes even as the overall electric two-wheeler market expanded by 58%, and key rival Ola Electric saw a decline.
Founded in 2013 by IIT Madras alumni Mehta and Jain, Ather launched its first scooter in 2018 and expanded its portfolio last year with the Rizta family scooter.
