MUMBAI: May 6, 2025: Bengaluru-based Ather Energy, the manufacturer of the 450 X electric scooter, had a rollercoaster ride on the stock exchanges after listing at a 2.18 percent premium to its offer price of Rs 321. Soon after listing, the stock lost its early gains and is now trading at Rs 310, a 3% drop from the issue price.
The IPO was priced at ₹304-321 per share, valuing the company at ₹11,956 crore in the upper band. Ather is India’s first mainboard IPO in FY26, and the second electric two-wheeler company to go public, following Ola Electric.
Upon listing at a premium, In a LinkedIn post celebrating their success, Ather Energy Co-Founder Swapnil Jain said , “Today is a big day for all those crazy ones- it is a significant milestone for all of them.” It also validates the belief that hardware startups can scale and that young engineers can develop technology in India. I believe that all of those crazy ones’ efforts will set off a vicious cycle in which more engineers will begin to believe in designing and building in India. Above all, our supporters wanted to see great products being designed in India, and today is a day for those crazy ones.
At the listing ceremony, Co-founder and CEO Tarun Mehta acknowledged the company’s 11-year journey and stated that the company is excited to showcase value in what is already built while also being excited by what is possible.
While company management expressed excitement about the listing, stock market analysts became cautious because EV stocks had been under pressure. According to Lemonn Markets Desk analyst Gaurav Garg, “Ather Energy’s stock market debut was muted, opening with a modest 2% gain before slipping 8% intraday to close at approximately ₹303—below its lower issue price of ₹304.” The IPO received a lukewarm response, with the retail portion subscribed 1.89 times and the HNI segment only 0.69 times.
The stock’s weak listing and subsequent decline reflect cautious investor sentiment regarding its high valuation. However, continued downward pressure may help realign its valuation, making it more appealing to value-conscious investors.” Gaurav opined
