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Ather Energy, the Bengaluru-based electric two-wheeler manufacturer, witnessed a lukewarm debut on Dalal Street as its shares listed at a modest premium over the issue price. On Monday, May 6, Ather Energy's shares opened at Rs 328 apiece on the NSE, reflecting a 2.18% gain over the IPO issue price of Rs 321. The stock also made its debut at Rs 326.05 on the BSE, a 1.57% premium.
The listing performance fell slightly short of market expectations, especially considering the grey market premium (GMP) of Rs 10–12 per share prior to listing, which had hinted at a 3–4% listing gain.
The company’s IPO was open for bidding from April 28 to April 30, with shares priced between Rs 304 and Rs 321 per equity share. Each lot consisted of 46 shares. Through the public offering, Ather Energy successfully raised Rs 2,980.76 crore, which included a fresh issue of Rs 2,626 crore and an offer-for-sale (OFS) of up to 1,10,51,746 equity shares.
Investor response to the issue was moderate. The overall subscription stood at 1.43 times. Retail investor participation was relatively stronger at 1.78 times, while qualified institutional buyers (QIBs) subscribed 1.70 times their allocated quota. However, non-institutional investors (NIIs) showed limited interest, with a subscription of only 66%. Interestingly, the employee portion saw the highest enthusiasm, getting subscribed 5.43 times.
Founded in 2013, Ather Energy specializes in the design, development, and assembly of electric scooters and related infrastructure. As a vertically integrated EV company, it manages everything from battery packs to software systems in-house.
The IPO was managed by JM Financial, Axis Capital, HSBC Securities & Capital Markets, and Nomura Financial Advisory and Securities (India), with Link Intime India as the registrar.
Disclaimer:
This article is for informational purposes only and does not constitute investment advice. Jobaaj Media recommends that readers consult a certified financial advisor before making any financial decisions.
