Electric two-wheeler company Ather Energy’s ₹31 billion (~$363.92 million) initial public offering (IPO) was oversubscribed 1.43 times at the end of the bidding window on April 30, 2025.

The price band was set at ₹304-₹321 (~$3.56-$3.76) per equity share. The IPO saw bids for shares exceeding the shares on offer.

The IPO had an issue size of 53.36 million shares.

Retail investors led the demand, with a subscription rate of 1.78, followed by qualified institutional buyers at 1.7. The non-institutional investors’ portion was subscribed 0.66 times, and the employees’ portion 5.43 times.

The IPO saw an allocation of ₹41.75 million shares at an anchor investor allocation price of ₹321 (~$3.76) to 36 anchor investors and seven domestic mutual funds

The shares will likely be listed on the BSE and NSE on May 6, 2025.

Ather filed its draft red herring prospectus (DRHP) in September 2024.

The company will utilize ₹9.27 billion (~$108.82 million) from the net proceeds towards constructing a factory with a capacity of manufacturing 1 million electric two-wheelers/year at Chhatrapati Sambhajinagar, Maharashtra. The manufacturing plant is expected to be commissioned in March 2027.

It will also utilize ₹7.5 billion (~$88.04 million) from the net proceeds towards research and development works, including designing and developing key electric two-wheeler components, a new motorbike platform, Atherstack, accessories, and charging technology.

It will utilize ₹3.78 billion (~$44.37 million) towards repayment/prepayment of borrowings. According to the DRHP, the company has a total outstanding borrowing of ₹6.7 billion (~$78.65 million) as of July 31, 2024.

Additionally, ₹3 billion (~$35.21 million) of the net proceeds will be used for marketing initiatives, and the remaining will be used for corporate purposes.

In April 2025, solar engineering, procurement, and construction company Prozeal Green Energy filed its DRHP for a ₹7 billion (~$81.81 million) IPO with the market regulator, the Securities and Exchange Board of India.

In December 2024, green power producer Continuum Green Energy filed its DRHP to raise over ₹36.5 billion (~$430.10 million) through an IPO.

In November 2024, NTPC Green Energy’s ₹100 billion (~$1.19 billion) IPO was oversubscribed 2.42 times at the end of the bidding window on November 22, 2024.