Is Ather Energy IPO a Good Investment?
The Ather Energy IPO, opening on April 28, 2025, is a Rs 2,982 crore issue, combining a fresh issue and offer-for-sale, with a price band of Rs 304-321.
Ather, a pioneer in India’s E2W market, operates an asset-light model, offering premium scooters like the Ather 450 and Rizta lines.
Despite innovations like the Ather Grid fast-charging network, revenue dropped 2% YoY in FY24 due to reduced subsidies.
EBITDA margins improved to -23% in 9MFY25, but profitability remains distant.
At 5.3 times FY27 Mcap-to-sales, the IPO’s elevated valuation and competition from TVS and Bajaj prompt a cautious approach.
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