Ather Energy IPO GMP: Is Two-Wheeler EV Manufacturer's IPO On Track? What Grey Market Premium Indicates

Ather Energy IPO GMP: Ather Energy, the electric two-wheeler manufacturer, saw a promising start to its initial public offering (IPO) on Monday, with the offer receiving a 16% subscription on its first day of bidding.

According to the National Stock Exchange (NSE), the IPO, which opened on April 28, has already received bids for 86,09,406 shares, compared to the 5,33,63,160 shares on offer.

Ather Energy IPO Details

Retail individual investors (RIIs) have shown strong interest, with 63% of their portion subscribed, while the non-institutional category received 16% of the bids.

The company, which mobilised Rs 1,340 crore from anchor investors on Friday, is looking to raise a total of Rs 2,981 crore through this public issue. The price band for the offer is set between Rs 304 and Rs 321 per share. The IPO will be open for public subscription until April 30, 2025.

The IPO consists of a fresh issue of equity shares worth Rs 2,626 crore, along with an offer-for-sale of 1.1 crore equity shares by promoters and other shareholders.

If the shares are priced at the upper end of the band, the overall size of the IPO will be Rs 2,981 crore, and Ather Energy’s valuation will be pegged at Rs 11,956 crore.

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Ather Energy IPO Financial

Ather Energy's IPO is the first mainboard public issue of the current financial year 2025-26. This is also the second electric two-wheeler company to go public, following Ola Electric Mobility’s Rs 6,145-crore IPO in August 2024.

Ather Energy IPO Lead Managers

The IPO’s book-running lead managers are Axis Capital, JM Financial, Nomura Financial Advisory and Securities (India), and HSBC Securities & Capital Markets.

Ather Energy IPO GMP

As of April 29, the grey market premium (GMP) for the Ather Energy IPO stands at Rs 1, indicating an estimated listing price of Rs 322 (the upper cap price of Rs 321 plus today’s GMP).

However, the GMP has shown some fluctuations in recent sessions, with the highest reaching Rs 17 and the lowest at Rs 0, signalling some volatility in market expectations.