Ather Energy IPO Issue Fully Subscribed On Day 3

Electric two-wheeler maker Ather Energy’s IPO worth INR 2,981 Cr was fully subscribed today, with qualified institutional buyers (QIBs) making a last-minute dash for the IPO, subscribing to it over 1.28 times.

As of 1:24 PM, the issue received bids for 5.66 Cr shares as against 5.33 Cr shares on offer, resulting in a 1.08X subscription, as per BSE data.

QIBs, who had been offered 2.89 Cr shares in the issue, ended up bidding for 3.70 Cr shares.

The issue received decent interest from retail individual investors (RIIs). For the 97.34 Lakh shares reserved for them, they placed bids for 1.41 Cr shares, subscribing to the issue 1.46X.

The non-institutional investors (NIIs) category was subscribed 0.34 times, garnering bids for 50.32 Lakh shares as against 1.46 Cr shares on offer.

Meanwhile, the employee quota was subscribed over 4.25 times, receiving bids for 4.24 Lakh shares as against 1 Lakh shares available for subscription.

Ather Energy’s IPO, which opened for subscription on April 28, will conclude today. Earlier this month, the electric two-wheeler maker filed its red herring prospectus (RHP) with markets regulator SEBI to raise INR 2,981 Cr through an IPO. Of this, it has already raised INR 1,340 Cr from anchor investors, with SBI Mutual Fund leading the round

The issue comprises a fresh issue component of INR 2,626 Cr and an offer for sale of up to 1.10 Cr shares. Ather has fixed a price band of INR 304 to INR 321 for its IPO.

At the upper price band, existing investor Tiger Global will make 8X gains on its investment in the EV company, while Caladium Investment Pte Ltd will rake in nearly 2X returns.

Of the total IPO proceeds, Ather plans to utilise INR 927 Cr to establish an electric two-wheeler manufacturing facility in Maharashtra’s Chhatrapati Sambhajinagar. The company plans to kick off production from this facility in July 2026 in a phased manner and complete it in full by March 2027. The factory is expected to have a production capacity of 1 Mn electric two-wheelers per year upon completion of both phases.

(The story will be updated soon.)

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