Ather Energy IPO: CEO Tarun Mehta reveals product expansion and growth plans

Ather Energy IPO, the first mainboard issue of FY26, will open for subscription between April 28-30, while shares are schedule to list on the BSE and NSE on May 6. The Bengaluru-headquartered electric vehicle maker is going to be the second pure-play Indian EV manufacturer to go public, following Ola Electric’s listing last year.

In an interaction with Fortune India, CEO Tarun Mehta revealed future plans, including product portfolio expansion, capital efficiency, and building a durable “Make in India” brand.

“The use of proceeds are largely dedicated for growth opportunities, with ₹927.2 crore of the total IPO proceeds to be used for setting up an electric two-wheeler manufacturing plant in Maharashtra; ₹750 crore in research and development; ₹300 crore on marketing initiatives; and ₹40 crore for debt repayment.”

The EV company has set a price band of ₹304-321 per share for its IPO, which is a combination of fresh equities and offer for sale (OFS) by selling shareholders. The IPO of Tarun Mehta and Swapnil Jain co-promoted firm comprises of fresh equities worth ₹2,626 crore and OFS of up to 1.1 crore shares, which at the upper end of the price band amounts to around ₹355 crore. As a result, the total issue size is calculated to be around ₹2,981 crore, which is sharply lower than earlier estimates of ₹4,000 crore.