Ather Energy IPO
Ather Energy Limited (ATHERENERG) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 06 May 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -0.5% (likely range -6% to +12%), day's high +11.0%, chance of a gain 33%. Actual: +2.2% at the open, +3.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 2,89,27,363 | 4,90,60,472 | 1.70x | |
| NII (HNI) total | 1,46,01,478 | 96,27,202 | 0.66x | |
| Big NII (above ₹10 lakh) | 97,34,319 | 68,41,626 | 0.70x | |
| Small NII (₹2-10 lakh) | 48,67,159 | 27,85,576 | 0.57x | |
| Retail | 97,34,319 | 1,73,13,710 | 1.78x | |
| Employees | 1,00,000 | 5,42,662 | 5.43x | |
| Total | 5,33,63,160 | 7,65,44,046 | 1.43x |
Bids on NSE and BSE together, as published by NSE, as of 30 Apr 2025, 07:00 PM. Shares offered exclude the anchor portion.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Ather Energy's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Bharat DynamicsMar 2018 | 1.50x | 0.50x | 1.41x | 1.30x | ₹1,667 Cr | -13.6% | -5.9% |
| Niva Bupa Health Insurance CompanyNov 2024 | 2.06x | 0.68x | 2.73x | 1.80x | ₹2,326 Cr | +5.6% | +9.5% |
| Entero Healthcare SolutionsFeb 2024 | 2.28x | 0.22x | 1.33x | 1.53x | ₹1,618 Cr | -2.3% | 0.0% |
| Paradeep PhosphatesMay 2022 | 3.01x | 0.82x | 1.37x | 1.75x | ₹1,637 Cr | +4.8% | +12.5% |
| Juniper HotelsFeb 2024 | 2.96x | 0.85x | 1.28x | 2.08x | ₹1,895 Cr | +1.4% | +11.5% |
| Indian Energy ExchangeOct 2017 | 2.56x | 0.85x | 2.61x | 2.28x | ₹1,426 Cr | -9.1% | +0.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| HSBC Securities and Capital Markets (India) | 15 | +8.3% | 87% |
| JM Financial | 109 | +22.8% | 75% |
| Nomura Financial Advisory and Securities (India) | 27 | +16.0% | 56% |
Offer documents (NSE)
Frequently asked
What is the Ather Energy IPO price band and lot size? ₹304–321 per share, with a lot of 46 shares, so the smallest retail bid is ₹14,766.
How many times has it been subscribed? 1.43x overall: QIB 1.70x, NII 0.66x, retail 1.78x, employees 5.43x.
How did it list? It opened at ₹328, +2.2% against the issue price of ₹321, and closed its first day -5.8%.
