Ather Energy IPO: EV company to make quiet stock market debut today; check GMP, other details

Ather Energy IPO: Ather Energy Ltd, the Bengaluru-based electric scooter maker, is set to make its public market debut on Tuesday, May 6, marking the first mainboard listing of the financial year 2025-26. The stock will list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), with trading beginning at 10:00 a.m. as part of a special pre-open session.

The IPO, which was open for subscription from April 28 to April 30, garnered a muted response, with the issue subscribed 1.5 times. The company raised ₹2,981 crore at a price band of ₹304–321 per share, positioning itself as a high-growth but still maturing player in India’s competitive electric two-wheeler space.

According to a BSE notification, Ather’s shares will be admitted to dealings in the ‘B’ group of securities. Analysts and market watchers are projecting a subdued listing, with the grey market premium (GMP) hovering around ₹14 per share on listing eve. This suggests a likely opening price of approximately ₹335—translating to a 4.36% premium over the upper end of the issue price.

The tepid GMP reflects broader investor caution around unprofitable growth-stage companies, even as Ather Energy continues to scale operations. Though the company has built a strong brand and urban consumer base, profitability remains elusive. Analysts suggest that Ather’s listing performance could act as a bellwether for upcoming EV and clean tech IPOs in India.

Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, Ather has positioned itself as a premium EV brand, competing with incumbents like Ola Electric and TVS in the high-performance scooter segment. With increasing policy support for electric mobility and a growing urban market, the company has expanded its manufacturing and charging infrastructure across several cities.

Still, its public debut comes at a time of macroeconomic uncertainty, where investor appetite for new-age businesses is cautious and selective. Ather’s moderate listing premium signals investor focus on fundamentals over narrative.

As trading begins, all eyes will be on whether Ather can sustain post-listing momentum—and whether its public market journey will mirror the disruptiveness it brought to India's EV landscape.