IPO Price Range: ₹304 - 321
Min Investment
₹14,766
IPO Size
₹2,980 Cr
IPO Status
Live
Quantity in 1 Lot
46
Max Bid allowed
13
Listing Exchange
NSE
![]() | 28 Apr 2025 |
![]() | 30 Apr 2025 |
![]() | 2 May 2025 |
![]() | ₹2,980.76Cr |
![]() | 46 |
Ather’s first family-first scooter, Rtiza, comes with 159 km IDC range and a 56 L storage space. The vehicle also comes with an 8-year battery warranty.
Ather 450 is Ather Energy’s 2025 E2W. It comes with 3 modes: rain, road, and rally. It rides at a speed of 161 km IDC range. Ather 450 further comes with 450X and 450S variants.
Ather 450 Apex is Ather Energy’s latest model that goes 0 to 40 km/hr in 2.9 seconds with its zero throttle to wheel response. This EV variant also comes with Ather Halo, a smarter helmet built with key calling, music control, and other features.
Product | Electric Scooters |
Known For | Electric Vehicles, EV Charging Infrastructure |
Top Products | Ather 450, 450 Apex, Rizta |
Promoters | 51.81% | |
Name | Role | Stakeholding |
Hero MotoCorp | Promoter | 38.19% |
Tarun Mehta | Promoter | 6.81% |
Swapnil Jain | Promoter | 6.81% |
Caladium Investment Pte Ltd | Corporate Shareholder | 15.43% |
India-Japan Fund | Corporate Shareholder | 7.45% |
NII Fund II | Corporate Shareholder | 6.77% |
Tiger Global | Corporate Shareholder | 6.56% |
NKSquared | Corporate Shareholder | 2.28% |
Kamath Associates | Corporate Shareholder | 2.28% |
Others | 7.42% |
A subsidiary of Ola, Ola Electric is an eclectic vehicle company that manufactures electric scooters and motorcycles. The company was founded in 2018 and has since then evolved to own 18% market share of the EV market in India, as of March 2025.
Hero MotoCorp is one of India’s oldest motorcycle and scooter manufacturers. Built on the legacy of Hero MotoCorp, Hero Vida was founded in 2022. The EV scooter offers customers trusted features.
Founded in 1911, TVS is a multinational motorcycle manufacturer. The company exports its two-wheelers to over 60 countries. TVS introduced its EV subcounter TVS iQube Electric in 2020 and is now available across 20 cities in India.
Bajaj Auto is a 70-year-old multinational manufacturer of motorcycles in India. In 2020, Bajaj launched Chetak Electric to make its mark in the E2W space. It has since then launched in 400+ cities.
Headquartered in Gurgaon, Okinawa Autotech is an electric vehicle company founded in 2015. It launched its first high-speed electric scooter in 2017 and was also the first to get the FAME subsidy in 2019.
Pure is an Indian electric vehicle company. They define PURE as power using renewable energy. The company has a dedicated EV and manufacturing facility. Apart from its presence in India, it also exports to South Asian countries, Nepal, and Bhutan.
Ampere is an Indian electric vehicle and software company. Founded in 2023 by the Renault group, Ampere Vehicles works as an autonomous company. Ampere aims to be a renowned name in the EV and software space.
Tork Motors is an electric motorcycle company. The company manufactures a GPS-equipped tracker, clutchless single-speed transmission, and more.
Our ability to pioneer new technologies.
Our E2Ws are positioned at a premium price in their respective segments in the E2W market.
Vertically integrated approach to product design with strong in-house R&D capabilities.
Software defined ecosystem that drives high customer engagement and drives margins.
Established and scalable technology platform enabling accelerated product launches.
Experienced management team and long-term investors committed to strong corporate governancestandards.
Other than the batteries that its manufacture in-house, the company relies on its suppliers to provide all other EV components used in assembling its E2Ws in-house. Any loss of key suppliers, or any failures or refusal by them to supply such components to it could cause business disruptions.
The company has received some customer complaints pertaining to its products in the past. There is no assurance that the company will not receive similar complaints in the future or that its will be able to address such customer complaints in a timely manner or at all.
The company has incurred losses since incorporation. The company had stagnant revenue growth in Fiscal Year 2024 and loss before tax of Rs. 5,779 million and Rs. 10,597 million in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. There is no assurance that the company will be cost effective in its operations or achieve profitability in the future.
The company has incurred negative cash flows from operations continuously since incorporation. The company had net cash used in operating activities of Rs. 7,171 million and Rs. 2,676 million in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. Negative cash flows may adversely impact its liquidity and prospects.
Its limited operating history makes evaluating the company business and future prospects difficult and its historical performance may not be indicative of future performance.
Its future growth is dependent on the demand for and adoption of electric two-wheelers. Accordingto the CRISIL Report, the company had a 10.7% and 11.5% market share of the Indian E2W market in the nine months ended December 31, 2024 and Fiscal Year 2024, respectively. If the market does not develop as the company expect, or develops at a speed that is slower than anticipated, its business, prospects, financial condition and operating results will be affected.
The lithium-ion cells used in its electric two-wheelers battery packs could catch on fire or vent smoke even if properly manufactured, managed or controlled. Such instances could subject it to adverse publicity, which may impact the company brand, business, prospects, financial condition and results of operations.
Any disruptions in the availability and any changes in the pricing and quality of lithium-ion cells could cause significant disruptions to and adversely impact its business operations.
The company relies on imports from certain countries, such as China, and supplies of such imports may be disrupted by changes in government regulations or policies, deterioration in economic conditions or escalation of trade tensions.
There are outstanding legal proceedings against the Company, certain of its Promoters and the company Directors. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, cash flows and reputation.
Investors | Holdings % |
Tarun Sanjay Mehta | 6.81% |
Swapnil Babanlal Jain | 6.81% |
Hero Motocorp Ltd | 38.19% |
Mehta Family Trust | 0.26% |
Tarun Swarna Family Trust | 0.17% |