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Ather Energy IPO Day 2 Analysis: Should You Subscribe
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IPO Snapshot

  • Dates: April 28-30, 2025

  • Price Band: ?304-321 per share

  • Issue Size: ?2,981.06 crore (Fresh Issue + OFS)

  • Lot Size: 46 shares (?14,766-?14,766 per lot)

  • Listing Date: Expected May 8, 2025

  • GMP (Today): ?3 per share (Flat vs Day 1)

Subscription Status (End of Day 1)

CategorySubscription Times
Retail 0.63x
NII 0.16x
QIB 0.00x (Opens Day 2)
Employees 1.78x
Total 0.16x

Bullish Factors

  1. Market Leadership: 2nd largest premium E2W brand after Ola (18% market share)

  2. Expansion Plans: New Maharashtra plant (10 lakh units/year capacity by FY26)

  3. Strong Backing: Backed by Hero MotoCorp (38% stake) and Sachin Bansal

  4. Tech Edge: Proprietary battery tech and 1,500+ Ather Grid charging stations

Key Risks

  1. Financial Health: Accumulated losses of ?2,843 crore (FY24)

  2. Subsidy Cuts: Reduced FAME-II benefits impacting margins

  3. Valuation Concerns: P/B ratio of 81x-86x (pre-issue)

  4. Competition: Ola, TVS, Bajaj scaling EV portfolios aggressively

Brokerage Recommendations

FirmRatingKey Remarks
Bajaj Capital Subscribe Long-term bet; only for informed investors
Ventura Subscribe Buy for listing gains; premium positioning
SMC Global Neutral Rich valuations at 4.1x post-issue P/B

Should You Apply?