Promoters and early backers of Ather Energy, including Flipkart cofounder Binny Bansal, Tiger Global, GIC, and NIIF, have seen the value of their stakes more than double — even as the EV company’s shares slipped below listing price on debut.Despite a subdued market debut, the combined value of stakes held by Ather’s promoters and key shareholders now stands at Rs 7,055.65 crore, or 2.2x their investment, as per ET calculations from the red herring prospectus.
This group includes Tarun Mehta, Swapnil Jain, Hero MotoCorp, Tiger Global, GIC, NIIF, and IIT Madras, who collectively own about 62% of the company.
Shareholder exits and current value
- Promoters and major shareholders sold 1.1 lakh shares via the offer for sale (OFS), raising Rs 354.76 crore
- Amit Bhatia exited fully, selling his stake for Rs 59.48 lakh
- Hero MotoCorp, the largest shareholder with 30.9% stake (11.5 crore shares), did not sell in the IPO
- Current stake values post-listing:
- Tiger Global: Rs 585.66 crore
- NIIF: Rs 537.76 crore
- GIC: Rs 1,225.45 crore
- IIT Madras: Rs 45.9 crore
Flipkart founders’ early entry
- Sachin Bansal and Binny Bansal invested Rs 3.1 crore each in Ather back in 2014.
- Sachin later pumped in Rs 400 crore in 2019 and 2020, but exited by selling to Hero MotoCorp and Zerodha’s Kamath brothers, losing up to 20% in unrealised gains.
- Binny Bansal, who retained his shares, has seen his original investment grow to Rs 92 crore.
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Other outcomes
- Ather raised Rs 1,340 crore from anchor investors ahead of IPO, with SBI Mutual Fund contributing Rs 310 crore (23.1% of anchor book).
- Over 1,300 employees holding 1.65 crore shares under the 2024 esop programme saw wealth creation of around Rs 500 crore.
Listing day performance
- Shares opened modestly higher:
- Up 2.18% on NSE
- Up 1.57% on BSE
- But closed lower due to market pressure:
- Rs 302.50 on BSE, down 7.22%
- Rs 300 on NSE, down 8.54%
