Electric two-wheeler manufacturer Ather Energy made a modest debut on the stock exchanges today, with its shares listing at a slight premium over the issue price despite healthy investor interest during its initial public offering (IPO).
Ather Energy’s shares opened at Rs 328 per share on the National Stock Exchange (NSE), registering a 2.18% premium over the upper end of the IPO price band of Rs 304-321. On the Bombay Stock Exchange (BSE), the stock listed at Rs 326.05, marking a 1.57% premium. The company’s market capitalization stood at Rs 12,144.05 crore post listing.
The Rs 2,981-crore IPO was open for subscription from April 28 to April 30 and garnered decent investor response, being subscribed 1.43 times. The offering saw particular interest from qualified institutional buyers (QIBs) and retail investors. The IPO consisted of a fresh issue of equity shares worth Rs 2,626 crore and an offer-for-sale (OFS) of 1.1 crore shares by promoters and existing shareholders.
Despite a grey market premium (GMP) of around 4% ahead of the listing, Ather Energy’s shares listed below expectations. As noted by Investorgain, “Shares of Ather Energy which were commanding a grey market premium of about 4 percent in the unofficial market ahead of their debut, listed below expectations.”
Ather Energy becomes the first mainboard IPO of the current financial year and marks the second electric two-wheeler company to list publicly, following Ola Electric Mobility’s Rs 6,145-crore IPO in August last year.
The listing reflects both investor optimism and cautious sentiment in the EV segment, which is still evolving in terms of scale and profitability. While Ather’s established brand and market presence offer a strong foundation, the modest listing premium indicates a tempered market enthusiasm in the current climate.
Industry watchers will now keep a close eye on Ather Energy’s stock performance in the coming weeks to gauge broader sentiment towards EV IPOs and new-age mobility companies.