Ather Energy IPO: Check Price Band, Latest GMP, Minimum Investment, Lot Size

Bengaluru-based Ather Energy, a pioneer in India’s electric two-wheeler segment, is preparing to debut on the stock market — a move that signals a significant leap not only for the company but for the country’s expanding EV landscape. The company’s much-awaited initial public offering (IPO) is set to open on April 28, 2025, and close on April 30, offering investors a chance to back one of the sector’s early innovators.

Grey Market Buzz

Even before the IPO officially opens, there’s a palpable buzz in the grey market. As of April 25, 2025, Ather Energy’s Grey Market Premium (GMP) stood at Rs 77 per share. This means investors are willing to pay Rs 77 above the upper end of the IPO price band, which is fixed between Rs 304 and Rs 321.

The current GMP points to an estimated listing price of around Rs 398, indicating strong market interest and potential gains of over 24 percent for early investors.

For the uninitiated, Grey Market Premium (GMP) indicates investor sentiment in the unofficial market ahead of a stock's official listing.

Also Read: Ather Energy IPO: 5 Key Things To Know Before Investing In EV Startup | Republic World

What’s Fueling the GMP?

The elevated GMP suggests optimism over Ather’s brand strength, product innovation, and growth potential in India's fast-evolving EV market, as per market watchers. Investors are also likely factoring in strong market tailwinds as India pushes for EV adoption, Ather’s vertically integrated model and proprietary tech stack, expansion in charging infrastructure and retail presence and government incentives and policy support for clean mobility

Breaking down the IPO

It was earlier reported Ather Energy aims to raise Rs 2,981 crore through this public issue. The offering includes a fresh issue of shares worth Rs 2,626 crore and an Offer for Sale (OFS) of Rs 354.76 crore, where existing shareholders, including founders and early backers, will offload a portion of their holdings. 

Founders Tarun Mehta and Swapnil Jain are together selling 19.6 lakh shares, potentially unlocking significant returns considering their average acquisition price is just Rs 21.09 per share.

Notably, the IPO also includes a provision for employee benefits through stock options. It’s estimated that employee ESOPs will unlock nearly Rs 530 crore in value, rewarding staff who have been part of Ather’s high-growth journey.

Financial performance 

In the nine months ending December 31, 2024, Ather Energy reported revenue of Rs 1,578.9 crore (28% year-on-year growth). Its net loss stood at Rs 577.9 crore (narrowed by over 25% from the previous year).

Final Word

While the grey market signals strong interest, it's worth noting that GMP is an unofficial indicator and can change quickly. Market watchers suggest that prospective investors should look beyond the hype and evaluate the fundamentals, long-term business model, and associated risks before making decisions.