Ather Energy's IPO Lists at ₹328, Offering Investors a Modest ₹7 Per Share Gain. Grey Market Expectations Fall Short.
Ather Energy IPO: Electric two-wheeler manufacturer Ather Energy's Initial Public Offering (IPO) listed on the stock exchanges on Tuesday, May 6, 2025. On the National Stock Exchange (NSE), Ather Energy shares listed at ₹328 per share, a modest premium of ₹7 (2.18%) over its issue price of ₹321. On the Bombay Stock Exchange (BSE), the listing price was ₹326.05 per share, yielding investors a gain of only ₹5.05.
IPO Fails to Meet Grey Market Expectations
Prior to the IPO, Ather Energy's unlisted shares traded at approximately ₹335 in the grey market, fueling expectations of a b listing. However, the actual premium was significantly lower than anticipated, disappointing those who invested hoping for substantial listing gains.
FY26's First Mainline IPO
This IPO was the first major mainline segment offering of fiscal year 2025-26 (FY26). The company aimed to raise ₹2,981.06 crore but did not receive the expected investor response. The IPO was subscribed 1.50 times overall, considered an average performance.
Investor response was weak on the first day, with only 19% subscription. This figure rose to 30% on the second day and reached 74% on the third and final day. Over the three days, the issue received an average subscription of 1.5 times.
Retail Investors Show Strongest Confidence
The best response came from retail investors, with a subscription of 1.89 times. The Qualified Institutional Buyers (QIBs) category saw a subscription of 1.76 times, while Non-Institutional Investors (NIIs) participated at only 69%.
According to NSE data, Ather Energy's IPO received bids for a total of 7.67 crore equity shares, while only 5.33 crore shares were available for sale.
Key IPO Information at a Glance
Ather Energy set the price band for this IPO between ₹304 and ₹321. The minimum lot size for investment was 46 shares. The issue opened on April 28, 2025, and closed on April 30, 2025. Axis Capital, HSBC, JM Financials, and Nomura were the lead managers, while Link Intime India Private Limited acted as the registrar. The shares listed on both the BSE and NSE on May 6, 2025.
