New DelhI: With a modest 1.4x subscription, Ather Energy’s ₹2,981 crore IPO—the first in more than two months—was heavily dependent on institutional investors, whose segment received 1.7x subscriptions. Only 66% of the subscriptions were made by high net worth individuals (HNIs), whereas anchor investors contributed ₹1,340 crore. At 1.78x and 5.4x, respectively, the retail and employee quotas, on the other hand, saw greater traction.
Market analysts explained the lack of enthusiasm by pointing to factors like the erratic secondary market, Ather’s protracted road to profitability, and fierce competition in the electric vehicle market. The IPO included a ₹355 crore offer for sale and a fresh issue of ₹2,626 crore.
For the first nine months of FY25, Ather reported revenue of ₹1,580 crore, which suggests a valuation of approximately ₹12,000 crore, or roughly six times annualised sales. Hem Securities analysts advised investors to wait and see since listing gains are likely to be contingent on macroeconomic conditions and market sentiment.
