The initial public offering (IPO) of electric vehicle maker Ather Energy will conclude today, April 30 and investors now have the last chance to subscribe to the issue. The 3-day bidding period for the IPO commenced on April 28. Moreover, the issue consists of fresh shares and offer for sale (OFS) component.
This issue of Rs 2,981.06 crore comprises fresh shares of worth Rs 2,626.30 crore and OFS worth Rs 354.76 crore. The company is likely to finalize the allotment for the IPO on May 2, 2025 and the issue is expected to be listed on the BSE, and NSE on May 5, 2025.
Notably, the issue saw a muted demand as of now. The employees’ quota saw the highest subscription of 3.18 times as against allotted quota. Moreover, retail investors subscribed to 1.12 times, and non-institutional investors (NIIs) subscribed to 27% of the allocated quota. Meanwhile, qualified institutional buyers (QIBs) disappointed and placed bids for only 7,636 shares against the 2,89,27,363 shares.
More Details On Ather Energy IPO
The price band for the IPO has been kept Rs 304–321 apiece, with the lot size of 46 shares. Any retail investor willing to subscribe require a minimum of Rs 14,766 to bid for one lot. Moreover, the company has kept the maximum limit of Rs 1,91,958 to bid for the maximum of 13 lots for retail investors.
Ather Energy has appointed Link Intime India as the registrar for the issue. Meanwhile, Axis Capital, HSBC Securities & Capital Markets, JM Financial, and Nomura Financial Advisory and Securities (India) has been appointed as the book-running lead managers.
The company aims to utilize the funds to set up a factory in Maharashtra, India. Furthermore, the company will allocate these funds for the repayment of certain borrowings, investment in research and development, marketing initiatives, and general corporate purposes.
Grey Market Premium
The Grey Market Premium (GMP) for the company’s IPO stands at Rs 1. According to media reports, the unlisted shares of the company were trading at around Rs 322 per share in the grey market, as against the issue price band of Rs 304–321.
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