Electric two-wheeler manufacturer Ather Energy shares on Tuesday i.e. on May 6, on 6 May, were listed at 2.2% premium on stock exchanges on the stock exchanges on Tuesday. The stock started on NSE at Rs 328 and BSE at Rs 326 (1.6% premium), while the issue of IPO was Rs 321. The company’s GMP was indicating listing around Rs 333 per share. From April 28 to April 30, the IPO of the open company for subscription received positive support from different investor categories.
The initial public issue (IPO) of Ather Energy received 1.43 times subscription on the last day of the bid on Wednesday. The company had fixed a price scope of Rs 304-321 per share for an IPO of Rs 2,981 crore. Ather Energy Limited has raised Rs 1,340 crore from the anchor i.e. big investors.
NSE congratulated
The National Stock Exchange i.e. NSE congratulated Ather Energy Limited on being listed on NSE today. Ather Energy Limited is an Indian electric two-wheeler (E2W) company engaged in the design, development and in-house assembly of electric scooters, battery packs, charging infrastructure and auxiliary software system. The company works as a vertical integrated EV manufacturer focusing on product and technology development. This public issue was ₹ 2,981.06 crore.
Use of raised amount
Ather Energy has planned to use the amount raised from the new issue of the IPO for different objectives. The company will use this amount for capital expenditure for setting up the E2W factory in Maharashtra, repayment of some corporate borrowings taken by the company, investment in research and development and marketing initial or other general corporate motives.
Ather Energy was founded in 2013 by Tarun Sanjay Mehta and Swapnil Babanlal Jain. Its market share is 11.5% by the financial year 2024 and is the third largest company in terms of volume.
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