58  Total SME IPOs listed in 2025

2,593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

Ather Energy Limited IPO Analysis

Ather Energy IPO is a Book Building listing on BSE,NSE exchange. The company is based in Bangalore and caters to Automobile sector. Axis Capital , Hsbc Securities & Capital Markets Limited , Jm Financial , Nomura Financial Advisory And Securities (India) are the merchant bankers of Ather Energy IPO. It is a MainBoard Upcoming IPO which filed its Draft Red Herring Prospectus (DRHP) on 9th September 2024.

Ather Energy IPO posted revenues of ₹ 2156.53 crores and PAT of ₹ -770.53 crores in FY25 on annualised basis.

IPO Key Highlights

*At the time of IPO, on Annualised Basis
  • Revenue: ₹ 2,156.53 Cr.
            EBITDA: ₹ -493.19 Cr.
            PAT: ₹ -770.53 Cr.
  • EBITDA Margin: -22.87 %
            Pat Margin: -35.73 %
  • Net Worth: ₹ 108.00 Cr.
  • Market Capitalisation: ₹ 11955.66 Cr.
  • P/E: -15.52 times
  • P/BV: 3.87 times
  • EV/EBITDA: [●]
Nature of IPO : MainBoard Upcoming
Exchange : BSE,NSE
IPO Type : Book Building

Ather Energy IPO Financial Performance (Restated)

Financial results of Ather Energy IPO based on restated financials as per prospectus and IPO review parameters can be referred to below.

Amount in ₹ crores
Financials
31-Dec-24
FY24
FY23
FY22
Balance Sheet
Assets
2172.00
1913.50
1976.80
818.60

Net Worth
108.00
545.90
613.70
224.90

Total Debt
1121.60
314.90
485.20
298.40

Profit & Loss
Revenue
Revenue on annualised basis
1617.40
2,156.53
1789.10
1801.80
413.80

EBITDA
EBITDA on annualised basis
-369.89
-493.19
-649.40
-687.50
-256.00

PAT
PAT on annualised basis
-577.90
-770.53
-1059.70
-864.50
-344.10

Notes:
1) Total debt incluides long-term borrowings and short-term borrowings.
2) Revenue means the Revenue from Operations as appearing in the Restated Financial Statements.

Ather Energy IPO Key performance Indicators (KPI)

Ather Energy IPO PAT Margin is -35.73 % , ROCE (Return on Capital Employed) is -41.81 % as per latest financial. The below table shows Ather Energy IPO Key Performance Indicators (KPI) as mentioned in company’s prospectus.

Particulars
31-Dec-24
FY24
FY23
FY22

EBITDA Margin (%)
-22.87
-36.30
-38.16
-61.87

PAT Margin (%)
-35.73
-59.23
-47.98
-83.16

EPS (₹)
-23.00
-47.00
-48.00
-27.00

ROE (%)
-535.09
-194.12
-140.87
-153.00

ROCE (%)
-41.81
-118.69
-69.95
-85.01

ROA (%)
-26.61
-55.38
-43.73
-42.04

Debt to Equity (x)  
10.39
0.58
0.79
1.33

Notes:
1) The EPS represents post-bonus basic EPS.
2) Return on Equity is ratio of Profit after Tax and Total Equity.
3) Return on Assets is ratio of Profit after Tax and Total Assets.
4) Debt to Equity is ratio of Total borrowings and Total Equity.

Ather Energy IPO Valuation Metrics

The market Capitalisation of Ather Energy IPO is ₹ 11955.66 crores at the time of IPO and other IPO valuation metrics of this IPO is mentioned below.

Key Metrics (at the time of IPO)


Market Capitalisation (₹ Cr.):
11955.66

Enterprise Value (EV) (₹ Cr.):
13,030.36

EV/EBITDA (times) :
[●]

PE Multiple (times) :
-15.52

P/B (times) :
3.87

NAV (₹) :
4.00

Notes:
1) The Enterprise Value is calculated as Market Cap. + Total Debt - Cash and Cash Equivalents.
2) Price to Book multiple is calculated as the ratio of Market Cap. and Net Worth post IPO proceeds.

What are the key financial metrics in Ather Energy prospectus?

The Ather Energy IPO prospectus highlights an Return on Equity (ROE) of 15 %, Return on Assets (ROA) of 12 %, and an EBITDA Margin of 18 %, showcasing financial performance.

How do profitability ratios impact the evaluation of Ather Energy IPO?

Profitability ratios like Return on Equity (ROE), Return on Assets (ROA), and Net Profit Margin shows Ather Energy IPO financial report. Analysing these metrics can provide insights into the company’s efficiency, profitability, and long-term growth potential.

What is the market capitalisation for Ather Energy IPO ?

The post-IPO market capitalisation of Ather Energy IPO is ₹ 11955.66 Cr., based on the issue price and share structure. It helps investors gauge the company’s valuation and compare it with industry peers before investing.

What is the PE Multiple of Ather Energy IPO?

The Ather Energy IPO has a Price-to-Earnings (PE) ratio of -15.52 X, indicating valuation compared to industry peers. It helps investors determine if the stock is overvalued or undervalued compared to its earnings and industry peers.

What is the Revenue of Ather Energy IPO?

Ather Energy IPO reported revenue of ₹ 2156.53 Cr. in the latest fiscal year, showing business performance, on annualised basis. Revenue figures from Ather Energy IPO provide insights into sales growth, market demand, and business scalability.

What is the EBITDA of Ather Energy IPO?

Ather Energy recorded an EBITDA of ₹ -493.19 Cr., reflecting operational efficiency. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) measures operational profitability.

What is the PAT of Ather Energy IPO?

Ather Energy Profit After Tax (PAT) is ₹ -770.53 Cr., reflecting earnings growth. Profit After Tax (PAT) reflects the company’s actual earnings after all expenses, taxes, and deductions

IPO Key Highlights

*At the time of IPO, on Annualised Basis
  • Revenue: ₹ 2,156.53 Cr.
            EBITDA: ₹ -493.19 Cr.
            PAT: ₹ -770.53 Cr.
  • EBITDA Margin: -22.87 %
            Pat Margin: -35.73 %
  • Net Worth: ₹ 108.00 Cr.
  • Market Capitalisation: ₹ 11955.66 Cr.
  • P/E: -15.52 times
  • P/BV: 3.87 times
  • EV/EBITDA: [●]

Revenue

(As Annualised)

EBITDA

(As Annualised)

PAT

(As Annualised)
Thinking of
Listing Your Business through
SME IPO?
We can Help!
Contact Us Today

Upcoming IPO List

Imagine Marketing Limited (boAt)

  Electric Equipments

  Mumbai


Bajaj Energy Limited

  Power and Energy

  Mumbai


National Securities Depository Limited (NSDL)

  Banking and Finance

  Mumbai


Fabindia Limited

  Retail

  New Delhi


National Stock Exchange India Limited (NSE)

  Banking and Finance - FinTech

  Mumbai


Peer Companies Of This Sector

FAQs

Ather Energy operates in Automobile and Design And Develop E2Ws, Battery Packs, Charging Infrastructure, Associated Software And Accessories. The Issue is listed on BSE,NSE in May, 2025. Ather Energy IPO size was 2980.76 with Issue price of 321.00 .

Merchant Banker(s) of Ather Energy IPO: Axis Capital Limited , Hsbc Securities & Capital Markets Private limited , Jm Financial Limited , Nomura Financial Advisory And Securities (India) Private Limited

Ather Energy IPO subscription was X. IPO subscription refers to applications received in an IPO by each quota, i.e., QIB, Retail, and NII. In some IPOs, Eligible employee quota and shareholder’s quota are also present. Learn more about IPO subscriptions here.

Ather Energy IPO listed at a listing price of against the offer price of 321.00.

The current market price of Ather Energy is .

Services

IPO Advisory
IPO Advisory
In-depth, experienced and seamless execution throughout the IPO Process.
IPO Readiness
IPO Readiness
IPO Roadmap by improving Business Efficiencies, Financial Parameters and Corporate Structure to become IPO ready.
Fund Raising
Fund Raising
Fuelling a company's growth through Pre IPO Fund Raise, Private Equity, and Angel Investing.
SME : Business Scaling
SME Business Upscaling
Provide support to build a scalable SME business by unleashing the SME potential.
Post IPO Montoring
Post IPO Mentoring
Assisting with post IPO regulatory requirements and Performance Monitoring to achieve the milestone of Mainboard migration.

Thinking of
Listing Your Business through SME IPO?

We can help! Contact Us

Why Us?

  • Leading portal for IPOs
  • End to End Solutions
  • Known for Transparency