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.

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, Investory

Devi Subhakesan

Equity Analyst

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

Equity Bottom-Up

<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

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<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> kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn. </li>
<li>Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%. </li>
<li>Although it shows strong R&amp;D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.</li>
</ul>



Ather Energy (1207922D IN) kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn. 
Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%. 
Although it shows strong R&amp;D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.


Ather Energy IPO- Pioneer, But Falling Behind

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

<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> IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025. </li>
<li>This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country. </li>
<li>The product quality, service feedback and product positioning is relatively better than competition. <strong>The product is good, business probably not. </strong>
</li>
</ul>



Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025. 
This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country. 
The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not. 



Ather Energy IPO | Showroom and Service Center Visits

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.

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Ather Energy (1207922D IN)

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 IPO- Pioneer, But Falling Behind

Ather Energy launches INR 29.8 bn IPO, highlighting strong R&D play and positive warranty trend but faces challenges like cash burn, loss of...

Nitin Mangal

Ather Energy IPO | Showroom and Service Center Visits

Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 IPO- Pioneer, But Falling Behind

​Ather Energy launches INR 29.8 bn IPO, highlighting strong R&D play and positive warranty trend but faces challenges like cash burn, loss of...

Nitin Mangal

Ather Energy IPO | Showroom and Service Center Visits

​Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Pranav Bhavsar

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...

Ather Energy launches INR 29.8 bn IPO, highlighting strong R&D play and positive warranty trend but faces challenges like cash burn, loss of...

Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality