IPO Rush: Ather Energy's Public Issue To Open Along With Four SMEs This Week

After a lull in primary market activity, a mild revival will be seen this week with Ather Energy Ltd. launching its initial public offering in the mainboard segment. Along with the electric two-wheeler maker, four small and medium enterprises will also be opening their IPOs.

This relative uptick in IPO activity comes after a period of drought, as public issues in the mainboard segment had dried out over the past couple of weeks.

The much-awaited IPO of Ather Energy will open on Monday, April 28. On the same date, two SMEs — Iware Supplychain Services Ltd. and Kenrik Industries Ltd. — will launch their public issues. The third SME IPO of the week, of Arunaya Organics Ltd., will open on Tuesday, April 29.

The fourth SME IPO of the week is of Wagons Learning Ltd., which will open on Friday, May 2.

• IPO opens: April 28

• IPO closes: April 30

• Issue size: Rs 2,981 crore

• Fresh issue: Rs 2,626.3 crore

• OFS: Rs 354.76 crore

• Tentative allotment date: May 2

• Tentative Listing date: May 6

• Face value: Rs 1 per share

• Price Band:  Rs 304 to Rs 321 per share

• Lot size: 46 shares

• Issue type: Bookbuilding IPO

• Listing platform: BSE, NSE

Ather Energy is an Indian electric two-wheeler company that designs, develops and assembles electric scooters, in-house. They also do the same for battery packs, charging infrastructure, and supporting software systems. The company's most prominent products include Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, their proprietary software platform that had 64 connected features as of July 2024.

Ahead of its April 28-30 initial public offering, the firm secured Rs 1,340 crore from anchor investors, with domestic mutual funds accounting for almost 50% of the allocation. The shares were allocated at Rs 321 each, the highest price in the offered range.

A diverse group of 36 anchor investors received shares, with participants ranging from SBI Mutual Fund and Abu Dhabi Investment Authority to Franklin Templeton, Morgan Stanley, Societe Generale, and ICICI Prudential.

• IPO opens: April 28

• IPO closes: April 30

• Issue size: Rs 27.13 crore

• Fresh issue: Rs 27.13 crore

• OFS: Nil

• Tentative allotment date: May 2

• Tentative listing date: May 6

• Face value: Rs 10 per share

• Price Band: Rs 95 per share

• Lot size: 1,200 shares

• Issue type: Fixed price IPO

• Listing platform: NSE SME

iWare Supply Chain Services is an integrated logistics firm with a diverse service portfolio that includes warehousing (covering third-party logistics and carrying and forwarding agent activities), alongside transportation, rake handling services, and business auxiliary support.

The firm operates across many states in India such as Gujarat, West Bengal, Uttar Pradesh, Rajasthan, Punjab, Haryana, and Delhi.

• IPO opens:  April 29

• IPO closes: May 2

• Issue size: Rs 33.99 crore

• Fresh issue: Rs 30.51 crore

• OFS: Rs 3.48 crore

• Tentative allotment date: May 5

• Tentative Listing date: May 7

• Face value: Rs 10 per share

• Price Band: Rs 55 to Rs 58 per share

• Lot size: 2,000 shares

• Issue type: Bookbuilding IPO

• Listing platform: NSE SME

Arunaya Organics makes and exports specialty dyes and intermediates. The company provides its chemical products to many industries such as textiles, paints, plastics, mining, and food processing.

• IPO opens: April 29

• IPO closes: May 6

• Issue size: Rs 8.75 crore

• Fresh issue: Rs 8.75 crore

• OFS: Nil

• Tentative allotment date: May 7

• Tentative listing date: May 9

• Face value: Rs 10 

• Price Band: Rs 25 per share

• Lot size: 6,000 shares

• Issue type: Fixed price IPO

• Listing platform: BSE SME

Kenrik Industries designs and distributes traditional Indian jewellery. The company’s product line line includes handmade gold jewellery fitted with precious and semi-precious stones, such as diamonds, rubies, and cubic zirconia. The products are custom-made, tailored to the requirements of every individual customer.

Wagons Learning IPO

• IPO opens: May 2

• IPO closes: May 6

• Issue size: Rs 38.38 crore

• Fresh issue: Rs 25.26 crore

• OFS: Rs 13.12 crore

• Tentative allotment date: May 7

• Tentative listing date: May 9

• Face value: Rs 10 

• Price Band: Rs 78-82 per share

• Lot size: 1,600 shares

• Issue type: Bookbuilding IPO

• Listing platform: BSE SME

A business-to-business focussed company, Wagons Learning was set up in 2013. The firm is engaged in providing services ranging from corporate training to skill development solutions, and digital learning. It also offers services related to trainer outsourcing and payroll management.