Ather’s IPO is arguably India’s most competetive in the electric vehicle segment and its market Ather Energy was set to spark vital interest during its IPO on 28th April alongside bidding of 5,000 crore at 2980 rupees price range. This comes as a change after a lull in the market. The aggressive quotations from investors had a spark of cautious optimism but came along with reserved note to action Ather’s IPO grabbed a mote of 16 percent subscribing rate on Day 1 but GMP was a struggle to notice. This leads us directly to the Question posed by us earlier & other traders, Investors & Analysts whether this IPO is truly posses high voltage potential or merely only promises low yield, its slow pitch Ather Energy IPO subscription status gmp analyst reviews report.
IPO proceeds fully go towards growth and strengthen infrastructure. Funding of technology fuels further growth in the electronic market alongside the shine of and receiving backing from investors 35 days post launch marks strong bursts of interest post submission . In Ather IPO launch dates peak period towards subscription. Pre-emption in wholesale, retail & new establishments grants access to all innovative strategies which builders from other regions.
Ather Energy IPO Subscription Status: Day 1 Overview
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Qualified Institutional Buyers (QIB): No Subscriptions Thus Far, Which is a Bad Sign.
Moderate response on the first day indicates that the investors are proceeding further cautiously, perhaps because of the muted GMP and mixed broker analyst coverage. With two more days of bidding (up to April 30), can Ather increase the level of interest?
A Muted Signal
The grey market premium for Ather Energy’s IPO tells a cautious tale. As per InvestorGain, on April 28, 2025, 6:55 PM IST, the GMP stood only at ₹1, or 0.31%. Therefore, it would mean the listing price would be approximately ₹322, which is on par with the upper price band of ₹321.
The GMP was continuously falling, declining from the ₹20 (6%) mark when the price band was announced on April 23 to the ₹3 level right before the IPO opened. This sharp decline signals weak listing expectations, dampening hopes for significant gains on debut. For investors eyeing quick profits, the flat GMP is a red flag, but long-term believers in the vision of Ather’s EV may look past the mild noise from the grey markets.
Ather Energy IPO Summary: Objective and Issue Size
Ather Energy is planning an IPO worth ₹2,980.76 crore consisting of:
Offer-for-Sale (OFS)**: Shares of ₹354.76 crore divided into 1.11 crore shares by shareholders, including Hero MotoCorp and Tarun Sanjay Mehta.
Set at a price band of 304-321 per share, retail investors would need to spend a minimum of ₹13,984 investing on 46 shares. The proceeds would help Ather achieve its vision:
New manufacturing plant in Maharashtra – ₹927.2 crore.
R&D for new battery software and other advancements – ₹750 crore.
Marketing aimed at growing their premium brand – ₹300 crore.
Debt repayment in order to improve the balance sheet – ₹40 crore.
As of July 2024, Ather Grid charging network along with the Atherstack software platform which contains 64 integrated features, positions Ather as a contender in India’s electric vehicle market which is estimated to 41-44% CAGR growth until FY31.
Brokerage Perspectives: Merging Optimism with Caution
Brokerages are divided on whether to subscribe to the Ather Energy IPO, showing the interplay between Ather’s growth opportunities and financial risks. This is what the experts have to say:
Ventura Securities: Bullish. “Subscribe” recommended for listing gains. They appreciate Ather’s premium positioning, Ather Grid, and R&D driven inventions. The forthcoming Ather Factory 3.0 a innovation, is anticipated to reach 10 lakh units by mid FY26 but potential subsidy cuts and low capacity utilization pose threats.
Arihant Capital: Optimistic. “Subscribe for listing gain” issued. They also emphasize Ather’s Rizta’s early-mover advantage and new launches as capture expansion.
Bajaj Broking: Cautious. Ather’s growing losses and debt compel restraint. The new Maharashtra facility, along with the aggressive expansion, adds risk.
Deven Choksey: Highlights Ather’s engineering and frontrunning innovation yet indicates low profitability and high risk.
Geojit: Advises for long-term risk investors, targeting 7.1x EV/Sales with FY24 sales offering high risk and high return.
Mixed reviews portray Ather’s aggressive growth plan, supported by Hero MotoCorp and Tiger Global, alongside financial challenges of negative cashflow and import heavy costs from China that face regulation risks.
Why Ather Energy IPO Matters
Letting go of Ather wasn’t just a miss in the market, it’s a failure in the whole EV ecosystem in India. Ather was founded in 2013 and it has extricated a place for itself with its Electric scooters; along with Rizta it also provides operational charging stations and includes features of advanced engineering. Rizta release is big for Ather as they plan to own 1.42 million factories alongside their future plans. Factory 3.0 is aiming at achieving this mark by the year FY27. Despite this Ather stills suffers losses alongside harsh competition from Ola, TVS, Bajaj and others in the market with high claim of ₹11956 crore post-issue.
Fans of Ather’s stylish scooters and tech-forward vision seem to back Ather as a homegrown EV pioneer through this IPO. Still, the subdued GMP and lackluster first-day performance serves as a reminder that even the most thrilling narratives come with their fair share of risks. As one X user remarked, “Yes, Ather’s IPO is bold, but it appears the market isn’t entirely charged yet.”
Should You Subscribe?
For risk-seeking investors bullish on supporting Ather considering India’s EV market, innovation and expansion plans presented Ather as an intriguing long-term bet. But for moderate investors, driven by optimism from brokerages, initial gains while volatile subscription rates might make them rethink. Subscription increases case-based listing estimate boosts found PPC-Prosperity brokerage to come support from Ventura and Arihant to suggest positive listing value add. Lower subscription estimating default withdrawal estimate stab loses suggest near Mendelesque value-based acquisition benchmarks doubt listing gains. Skeptical skepticism toward blue-chip firm subscriptions trends scenarios propose suggest payout prospects become bleak.
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Conclusion Portion
The Ather Energy IPO is revving up Dalal Street. The flat GMP of ₹1 and 16% subscription on Day 1 indicates a rough journey ahead. Dalal Street has two days remaining to bid. Investors are caught at a crossroads. Should they support an EV player with a premium tag and lofty aspirations, or tread carefully due to mounting valuation and profitability issues? Regardless of which side you stand on, the IPO is positioned to make waves – whether more people fuel the risks or support Ather’s advanced technology and scooters. Ather vehicles offer unparalleled maneuvers, keeping all eyes on the electric frontier of India which would bypass all contemporaries. All eyes are fixated on the window that closes on April 30, with live coverage at the ready yielding further suspense.
