Ather Energy has released its Monitoring Agency Report for the quarter ended December 31, 2025 (Q3 2025). The report confirms that IPO proceeds are being utilized as disclosed in the offer document. The report also covers the progress of Ather’s new E2W factory in Maharashtra and highlights that the environmental clearance, received in September 2025, shifted the production commencement to October 2026.
IPO Proceeds Utilization
The Monitoring Agency confirms that Ather Energy has used the IPO proceeds as stated in the prospectus. All payments have been made through the monitoring agency account. There were no deviations from expenditures observed from the objects mentioned in the Offer Document.
E2W Factory in Maharashtra
The Company is in the process of setting up an E2W factory in Maharashtra. The Company received Environmental Clearance in September 2025. Construction has successfully begun in September 2025 after all pre-requisite approvals from the government. Initial completion timelines of March 2027 remain intact.
Key Financials and Investments
Ather Energy has spent 16% (including land cost) of the total project cost and has already raised purchase orders worth 52% of the total project cost as of December 31, 2025.
Unutilized IPO Proceeds
As of December 31, 2025, Ather Energy held ₹1812.05 crore in unutilized IPO proceeds, invested in fixed deposits with Axis Bank and Kotak Bank, and in monitoring and public offer accounts.
Source: BSE
