Ather Energy Adjusts IPO Valuation Amid Global Market Fluctuations

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Indian electric mobility leader Ather Energy has revised its anticipated valuation for its upcoming Initial Public Offering (IPO), setting a price range between ₹304 and ₹321 per share. This new valuation pegs the company at approximately $1.4 billion, marking a significant 44% reduction from its earlier expectations.

The IPO, slated to open for public bidding on April 28, aims to raise around $350 million. According to market analysts, the downward adjustment reflects a cautious approach in light of ongoing global economic uncertainty, geopolitical tensions, and heightened volatility in both domestic and international stock markets. Additionally, recent tariff announcements by the United States on Chinese electric vehicles have added another layer of complexity to the EV landscape, potentially influencing investor sentiment.

Despite the lowered valuation, Ather Energy’s offering has garnered strong interest due to the company’s robust position in India’s fast-growing electric vehicle sector. Founded in 2013, the Bengaluru-based startup has carved out a significant niche in the premium e-scooter segment with its models like the Ather 450X and Ather 450S, supported by a rapidly expanding charging infrastructure.

Notably, Hero MotoCorp—Ather’s largest investor with a 40% stake—will not be offloading any shares in this IPO, a move viewed by market observers as a vote of long-term confidence in the company’s growth trajectory.

Ather plans to utilize the IPO proceeds to scale manufacturing operations, invest in product innovation, and enhance its national presence. As EV adoption continues to surge across India, Ather’s IPO marks a crucial step in its evolution from a homegrown startup to a publicly listed leader in clean mobility.

The timing of Ather Energy’s IPO comes as the Indian government continues to bolster the electric vehicle sector through incentives and policy support under schemes like FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles). With increasing environmental awareness and urban mobility challenges, the demand for sustainable transport solutions is on the rise. Ather’s strategic focus on technology-driven performance, combined with government backing and a loyal customer base, positions it well to capitalize on these trends—despite the temporary market headwinds reflected in its revised valuation.