Ather Energy has released its Monitoring Agency Report for the quarter ended September 30, 2025. The report, issued by CARE Ratings Limited, indicates that issue proceeds are being utilized as per the disclosures in the Offer Document. Key expenditures include investments in Factory 3.0, research and development, and marketing initiatives, with fund deployment tracked by a monitoring agency account. There were some timeline revisions on factory start, but overall completion remains on track.
Utilization of IPO Proceeds
Ather Energy confirmed that the utilization of funds from its IPO is proceeding in accordance with the objectives outlined in the offer document. The monitoring agency, CARE Ratings Limited, has indicated no deviations from the intended use of funds.
Key Expenditures
The proceeds have been primarily directed towards several key areas:
- Factory 3.0: Capital expenditure for the establishment of an E2W factory in Maharashtra.
- Research and Development: Investments in innovation and product development.
- Marketing Initiatives: Expenses related to brand promotion and market expansion.
- Loan Repayments: Repayment of certain borrowings.
All payments related to these expenditures have been managed through a designated monitoring agency account.
Factory 3.0 Timeline
The company received environmental clearance in September 2025, which was originally not required per the prospectus. As a result, the commencement of production in Factory 3.0 is now expected in October 2026, compared to the originally anticipated date of July 2026. However, management confirms that the initial completion timeline of March 2027 remains on track.
Deployment of Unutilized Proceeds
As of the end of the quarter, a portion of the IPO proceeds remained unutilized and has been deployed in fixed deposits with Axis Bank and Kotak Bank. These deposits are yielding returns between 5.85% and 7.05%.
Source: BSE
