Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we will talk about the lockup dynamics and possible placement.


Ather Energy IPO Lockup - US$1.3bn+ Lockup Release

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The company is in a strong volume growth phase and is accelerating its efforts towards profitability</li><li>The current growth phase is aided by dealership expansion, as it is looking to reach 700 stores by the end of FY26, from 351 stores as of FY25-end</li><li>We expect another growth phase to start from late FY27 or FY28, which would then be led by portfolio expansion, with the expected addition of lower priced models on the new EL platform</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The company is in a strong volume growth phase and is accelerating its efforts towards profitabilityThe current growth phase is aided by dealership expansion, as it is looking to reach 700 stores by the end of FY26, from 351 stores as of FY25-endWe expect another growth phase to start from late FY27 or FY28, which would then be led by portfolio expansion, with the expected addition of lower priced models on the new EL platformContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ather Energy: Strong growth with improving cost structure. Maintain BUY

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> raised around US$350m in its India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Ather Energy (1207922D IN) raised around US$350m in its India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Ather Energy IPO Trading - Running Out of Charge

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> lists on Indian stock exchanges today with expectations of a subdued debut.</li>
<li>Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> that now owns 30%.</li>
<li>Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?</li>
</ul>



Ather Energy (1207922D IN) lists on Indian stock exchanges today with expectations of a subdued debut.
Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward Hero Motocorp (HMCL IN) that now owns 30%.
Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?


Ather Energy IPO: Likely Muted Debut.  Promoter Dynamics Shift—Potential Upside or Risk?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Ather Energy is launching an IPO to raise INR 2,626 crore for capacity expansion, R&amp;D, and marketing, and OFS of INR 350 Crore.</li>
<li>Despite strong technological positioning, Ather faces rising competitive pressure, high cash burn, low capacity utilization, and growing risks from policy and supplier dependencies.</li>
<li>While Ather’s innovation strength is intact, its financial instability and fierce competition make the IPO a high-risk, cautious-watch opportunity rather than a straightforward growth bet.</li>
</ul>


Ather Energy is launching an IPO to raise INR 2,626 crore for capacity expansion, R&amp;D, and marketing, and OFS of INR 350 Crore.
Despite strong technological positioning, Ather faces rising competitive pressure, high cash burn, low capacity utilization, and growing risks from policy and supplier dependencies.
While Ather’s innovation strength is intact, its financial instability and fierce competition make the IPO a high-risk, cautious-watch opportunity rather than a straightforward growth bet.


Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

India

Ather Energy Private Limited manufactures and sells electric scooters. The Company offers scooters and related accessories, and also manages two wheeler fast charging grid network. Ather Energy serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ather Energy (1207922D IN)

Ather Energy IPO Lockup - US$1.3bn+ Lockup Release

Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy: Strong growth with improving cost structure. Maintain BUY

The current growth phase is aided by dealership expansion, as it is looking to reach 700 stores by the end of FY26, from 351 stores as of FY25-end

HDFC Securities

Ather Energy IPO Trading - Running Out of Charge

Ather Energy raised around US$350m in its India IPO. We have looked at its past performance in our earlier notes. In this note, we talk about the...

Sumeet Singh

Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?

If Hero MotoCorp (HMCL IN), that holds 30% stake as co-promoter, takes a more active role, Ather could scale faster and compete more effectively...

Devi Subhakesan

Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

Ather Energy's IPO aims to raise funds for expansion, but faces challenges like competition, cash burn, and policy risks, making it a high-risk...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ather Energy IPO Lockup - US$1.3bn+ Lockup Release

Ather Energy raised around US$350m in its India IPO in May 2025. The lockup for its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy: Strong growth with improving cost structure. Maintain BUY

The current growth phase is aided by dealership expansion, as it is looking to reach 700 stores by the end of FY26, from 351 stores as of FY25-end

HDFC Securities

Ather Energy IPO Trading - Running Out of Charge

Ather Energy raised around US$350m in its India IPO. We have looked at its past performance in our earlier notes. In this note, we talk about the...

Sumeet Singh

Ather Energy IPO: Likely Muted Debut. Promoter Dynamics Shift—Potential Upside or Risk?

If Hero MotoCorp (HMCL IN), that holds 30% stake as co-promoter, takes a more active role, Ather could scale faster and compete more effectively...

Devi Subhakesan

Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market

​Ather Energy's IPO aims to raise funds for expansion, but faces challenges like competition, cash burn, and policy risks, making it a high-risk...

Sudarshan Bhandari

Ather Energy's IPO aims to raise funds for expansion, but faces challenges like competition, cash burn, and policy risks, making it a high-risk...