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

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

Thematic (Sector/Industry)

<ul>
<li>VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.</li>
<li>The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.</li>
<li>EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.</li>
</ul>


VAHAN data till May 2026 shows a sharp decline from the January peak across the 2W segment, with May volumes weak for most OEMs.
The trend shows clear divergence: TVS and Bajaj are holding share, Royal Enfield is losing rank, Ola Electric is recovering, and luxury 2Ws are weakening.
EV 2W penetration is only 2.89%, but 45.5% growth from January to April shows faster base-building. The 3xAther-Ola gap is the key EV signal.


Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

<ul>
<li>Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.</li>
<li>This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.</li>
<li>The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.</li>
</ul>


Indian two-wheeler OEMs have lined up roughly 11,000 crore of capex across ICE, EV, scooters, exports and premium capacity.
This is a demand-confidence signal after FY26 domestic two-wheeler sales rose 10.7% to 2.17 crore units.
The capex cycle favors disciplined scale, localization and mix improvement, but utilization and pricing power will decide returns.


India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

<ul>
<li>Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.</li>
<li>With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.</li>
<li>Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.</li>
</ul>


Delhi has drafted EV Policy 2026–2030, replacing the 2020 framework, pivoting to scrappage-linked incentives, capping subsidies to mass-market vehicles below Rs 25 lakh, and targeting 36,000 charging points by 2030.
With 90 lakh registered vehicles and India's most polluted urban air, Delhi's demand signal carries outsized influence on OEM product roadmaps, capex cycles, and localization timelines through 2030.
Legacy OEMs with established service networks (TVS, Bajaj, Hero, Tata Motors, Ashok Leyland) stand to capture disproportionate benefits; pure-play EV startups without scale face a harder road ahead.


Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

<ul>
<li>India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.</li>
<li>
Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.</li>
<li>While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.</li>
</ul>


India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.
While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.


Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

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 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

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

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

Auto Tracker: VAHAN Dashboard Points to a Softer Cycle in India

​VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Sudarshan Bhandari

India’s 2W Industry Expansion: ₹11,000 Crore Capex- Who Is Doing What?

​Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Sudarshan Bhandari

Delhi's EV Draft Policy: Who Wins the Policy Windfall of 2026–2030?

​Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

Sudarshan Bhandari

Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments

​India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Sudarshan Bhandari

VAHAN data reveals declining 2W segment volumes in May 2026, with TVS and Bajaj holding share while Royal Enfield loses rank. EV 2W penetration at...

Indian two-wheeler OEMs are investing heavily in capex across various segments to meet growing demand, with a focus on scale, localization, and...

Delhi's new EV Policy 2026-2030 focuses on scrappage incentives, subsidies for mass-market vehicles under Rs 25 lakh, and aims for 36,000 charging...

India's auto sector saw strong growth in FY26, with PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.