Ather Energy Makes Market Debut, Signals IPO Revival in India

Ather Energy Ltd., the Bengaluru-based e-scooter maker, is set to begin trading on Indian stock exchanges today, marking India’s first major IPO of the 2025–26 fiscal year and a key test for investor sentiment in the recovering equity markets.

The company raised ₹29.8 billion ($354 million) through a mix of fresh issuance and share sales by existing investors. The offering was oversubscribed 1.4 times and priced at the top of the range at ₹321 per share, according to exchange data.

Anchor investors included major global names such as the Abu Dhabi Investment Authority, Franklin Templeton, and Eastspring Investments, boosting market confidence ahead of the listing.

“This listing is being closely watched as a signal for India’s IPO pipeline following tariff-driven volatility earlier this year,” a Mumbai-based investment banker said.

India’s stock markets have shown resilience following U.S. tariff shocks in April, with the benchmark indices recovering faster than most global peers. Analysts suggest India’s lower trade dependence has helped cushion investor confidence.

Ather’s listing comes after a pause in IPO activity earlier this year. The last major listing was Hexaware Technologies’ $1 billion IPO in February. Meanwhile, LG Electronics delayed a planned $1.7 billion float of its Indian unit due to market concerns.

Founded in 2013, Ather competes in a fast-growing electric two-wheeler segment alongside firms like Ola Electric, whose stock has slumped 35% since its August debut amid compliance scrutiny.

Investor interest in India’s ECM market remains high after a record-setting 2024, where listings from Hyundai Motor India and Swiggy Ltd. helped push total IPO proceeds past $20 billion.

Ather’s first-day trading will be watched as a bellwether for the broader IPO recovery and retail appetite in India’s equity markets.