Price Band: ₹304 and ₹321 per equity share.

Lot Size: Retail investors can bid for a minimum of 46 shares, amounting to ₹14,766

Dates: 28-30 April 2025

Utilization of IPO Proceeds: The funds raised through the IPO will be utilized for:

• Establishing a new manufacturing facility in Maharashtra.
• Expanding research and development efforts.
• Marketing initiatives.
• Debt repayment

Unlike the rest of the market Ather positions itself as a premium scooter manufacturer and earns the respect of the market for the timely service and maintenance it provides. It also has some of the coolest accessories.

PLUS POINTS OF ATHER:

Ather Energy is the company that started the eScooter Revolution in India… for Indians by Indians.

Swapnil & Tarun were hell bent on creating the fastest scooter in India and achieved that feat.

Ather finally proved to the public that eScooters are not weak, feeble and slow. Many people before Ather used to ask if eScooters could climb flyovers?

Being a pure EV company or ONLY EV company has its own advantages and efficiencies.

Unlike their competitors Ather & Ola Electric have (no petrol 2wheelers and ) no compulsion to COMPLAIN/PROTEST/PROTECT the fall in sales of petrol 2wheeler, if any… as the electric 2wheelers get more and more popularity.

As eScooters become more popular … and the PRICE of Petrol keep increasing… petrol scooters will eventually lose their charm in the market.

Ather Energy has been a trailblazer in India’s electric scooter market, achieving several notable firsts:

1. Ather Energy introduced India’s first high-performance electric scooter. It had features that no petrol scooters had:
2. Touchscreen dashboard,
3. Maps Integration
4. Bluetooth connectivity, and
5. Over-the-air updates.

All of these were not available in any scooter of that time in India (and probably anywhere in the world).

• Ather Grid: Ather was the first to establish a dedicated fast-charging network for electric scooters, known as Ather Grid. This network allowed users to charge their scooters quickly and efficiently.
• In-house Software Development: Ather developed its proprietary software, Atherstack, which provides features like navigation, ride analytics, and safety assistance.
• Proprietary Operating System: Ather created “Ather OS,” a software platform that powers their scooters, offering navigation, ride analytics, and regular updates to enhance user experience.
• AI-Powered Battery Management: Their scooters feature advanced battery management systems that optimize performance, extend battery life, and ensure safety
• Expansion into Tier II and III Cities: With the launch of the Ather Rizta in 2024, Ather became the first EV company to target family-oriented customers in smaller cities, expanding its reach significantly.
• Ather’s Halo Smart Helmets are amazing unique Helmets in the entire world. They are built in such a way that they pair with the vehicle automatically when wearing and recharge automatically when stored in the boot. The Helmet also allow both the rider and the pillion rider to converse without any wind or noise disturbances.
• Premium Sound System: Equipped with Harman Kardon speakers, the helmets offer high-quality audio while ensuring ambient noise reduction, so riders remain aware of their surroundings.
• Wireless Charging: The helmets can be charged wirelessly, either at home or in the boot of the Ather Rizta scooter, making them incredibly convenient.
• Helmet-to-Helmet Communication: The “Ather ChitChat” system allows riders to communicate with each other effortlessly, making group rides more enjoyable.
• Music Sharing: Riders and pillions can share music, adding a fun element to shared rides.
• Safety and Comfort: The helmets are ISI and DOT certified, ensuring high safety standards. They also feature ergonomic designs with integrated vents for comfort.

Quality wise Ather Energy has been the best quality Scooter in the market. It also has a very high level of Customer Satisfaction, meaning the customers are very happy with the product and its service centers.

The company currently holds an 11.5% market share and is the third-largest player by volume in the EV two-wheeler market

While some companies have just 1 version, Ather has 3 versions – Ather450X, Ather Apex and Rizta. Ola is an exception… it has 10 versions.

Minus Point: Ather Energy’s only problem has been its slower speed of expansion in comparison to Ola, Bajaj Auto and TVS.  

Ather Energy has shown impressive revenue growth over the past three fiscal years, but profitability remains a challenge:

• FY2022: Revenue stood at ₹408 crore, with losses amounting to ₹344 crore.
• FY2023: Revenue surged to ₹1,784 crore, marking a 4.3x increase, but losses widened to ₹864.5 crore.
• FY2024: Revenue reached ₹1,835 crore, reflecting continued growth, but operating losses expanded to ₹1,059 crore.

Revenue is growing which is very important… and after this IPO debt could reduce.

Ather Energy has signed a pact with battery manufacturer Amara Raja Energy & Mobility (ARE&M) to develop and source Lithium-ion (Li-ion) battery cells for its electric scooters, a move which will promote domestic cell manufacturing and innovation.

The rising petrol price… when combined with the growing revenue and sales of Ather and its competitors seems to suggest that NONE of these companies are having difficulty selling Electric Scooters.

Winds of war growing in the middle East with US vs Yemen & Iran which can drive up petrol prices.

Even by chance if world crude oil prices drop to $60 from $80 … Indian Govt will not reduce the price of petrol (just like it has not in recent past).. this is done to discourage Petrol usage and ENCOURAGE EV usage

Add to this fact that Indian Govt is trying to get more people to buy electric scooters than petrol.

All of this could drive up the sales of Electric Scooters.

When Ather can turn profitable? Well it would need to cross a certain sales figures per month. For Ola Electric it is about 50,000 vehicles per mth. We can assume it could be similar figure for Ather too.

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