Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

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> 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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

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> is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.</li>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.</li>
<li>The continued selloff in <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> will give investors pause, especially given <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a>'s stagnant market share and continued losses. There is supply in <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> with PE/VC investors selling. </li>
</ul>



Ather Energy is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.

Ather Energy could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.
The continued selloff in Ola Electric will give investors pause, especially given Ather Energy's stagnant market share and continued losses. There is supply in Ola Electric with PE/VC investors selling. 


Ather Energy IPO: Expensive and No Immediate Index Inclusion

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a>, <a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> and <a href="https://www.smartkarma.com/entities/lotte-global-logistics-co" target="_blank" data-smartkarma-citation="entities:45000:1" rel="noopener">Lotte Global Logistics</a> were live this week, with few other gearing up for launches in Hong Kong.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Ather Energy, DN Solutions (298440 KS) and Lotte Global Logistics were live this week, with few other gearing up for launches in Hong Kong.
On the placements front, Kakao Corp (035720 KS) was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.


ECM Weekly (28 Apr 2025) - Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is now looking to raise about US$350m in its upcoming 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. In this note, we talk about the updates since then and valuations.</li>
</ul>



Ather Energy is now looking to raise about US$350m in its upcoming 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. In this note, we talk about the updates since then and valuations.


Ather Energy IPO - Still Not Cheap Enough

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
In this note, we will talk about the lockup dynamics and possible placement.


Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

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 | Showroom and Service Center Visits

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

Pranav Bhavsar

Ather Energy IPO: Expensive and No Immediate Index Inclusion

Ather Energy is looking to raise US$349m valuing the company at US$1.4bn. No near-term index inclusion expected. The continued selloff in Ola...

Brian Freitas

ECM Weekly (28 Apr 2025) - Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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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 IPO: Expensive and No Immediate Index Inclusion

Ather Energy is looking to raise US$349m valuing the company at US$1.4bn. No near-term index inclusion expected. The continued selloff in Ola...

Brian Freitas

ECM Weekly (28 Apr 2025) - Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

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