After a lull in India’s primary market in 2025 thus far, the public offer of electric scooter maker Ather Energy snapped back spotlight to the IPO market. While shares of the company listed on the stock exchanges with a marginal 2% premium over the issue price on May 6, its public offer still created buzz across markets.
The shares of Ather Energy listed at Rs 328 apiece of the NSE, as against its IPO price of Rs 321. At the same time, the shares listed at Rs 326.05 on the BSE, marking a lesser premium of just 1.56%.
The listing gains were also lower than what the market anticipated based on grey market trends. Shares of the EV company commanded a premium of about 4% in the grey market before its debut, according to data from Investorgain, a website that tracks the unofficial IPO market.
Ather Energy’s muted listing comes after its public issue turned out to be oversubscribed in the qualified institutional buyers (QIB) and retail investor categories. The company’s Rs 2,981-crore initial public offer was subscribed 1.43 times, when it opened to receive bets from April 28 - 30.
Nonetheless, the company still marks the first major listing in 2025 and also became the second EV scooter maker to go the IPO way after rival Ola Electric’s market debut last year.
Ather Energy faced a bout of market uncertainty even before launching its IPO, prompting the company to revise its valuation expectations. At the upper end of its price band, the EV maker is now valued at ₹12,500 crore (around $1.5 billion), down from the $2 billion it had initially targeted.
The company is positioning itself to capitalise on the growing premiumisation of India’s two-wheeler market and the broader shift toward electric vehicles. To support this strategy, Ather plans to use the IPO proceeds to set up a new electric two-wheeler manufacturing facility in Maharashtra and pare down its existing debt.
