Ather Energy Shares List At 2% Premium Over Issue Price
The first mainboard IPO of the current fiscal marks a premium on both the benchmark exchanges.
Shares of Ather Energy Ltd. debuted on the National Stock Exchange at Rs 328 apiece, at a premium of 2.18%. The stock listed on the BSE at Rs 326.05 per share, marking a premium of 1.57% over the issue price of Rs 321.
Ather Energy's IPO, which closed on April 30, was subscribed 1.43 times, with demand led by employees. The Rs 2,980.7-crore offering consisted of fresh shares worth Rs 2,626 crore, and an offer for sale worth Rs 354.8 crore.
The company also raised nearly Rs 1,340 crore from anchor investors a day before its IPO opened for bidding.
The company aims to utilise Rs 927.22 crore towards capital expenditure for its Maharashtra E2W factory, alongside Rs 40.03 crore for repayment of borrowings, Rs 750 crore for investment in R&D and Rs 300 crore in expenditure towards marketing.
The OFS will entail sale of equity by company's founders and promoters selling shares— Tarun Mehta and Swapnil Jain, among others.
Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt., JM Financial Ltd., and Nomura Financial Advisory and Securities (India) Pvt. are the book-running lead managers to the issue. MUFG Intime India Pvt. is the registrar to the offer.
Ather Energy Business
Ather Energy is a pure play Indian electric two-wheeler maker, and also provides associated product ecosystem, comprising software, charging infrastructure and smart accessories, all of which are conceptualised and designed by the company.
Apart from in-house battery packs, portable chargers and motors, other key E2W components, such as motor controllers, transmissions, vehicle control units, dashboards, DC-DC converters, harnesses, and chassis are designed in-house by the company and outsourced to suppliers for manufacturing.
The company sold 1.07 lakh and 1.09 lakh E2Ws in the nine months ended Dec. 31, 2024 and fiscal 2024, respectively.
