Ather Energy Cuts IPO Size, Slashes Valuation to ₹12,800 Crore
Published • 9 April 2025 at 2:56 PM

Ather IPO Revised: ₹128B Valuation, Delayed?
Electric two-wheeler maker Ather Energy has reportedly trimmed the size of its upcoming IPO and reduced its expected valuation to around ₹12,800 crore, down from the earlier ₹14,000 crore. Sources told CNBC-TV18 that the IPO size will now range between ₹2,900 crore and ₹3,200 crore ($350M–$375M), lower than the previously targeted ₹3,500 crore to ₹3,700 crore ($400M). The revision is attributed to volatile market conditions and lukewarm investor sentiment. The offering will include both fresh shares and an offer-for-sale (OFS), with some early investors expected to dilute their stakes. Hero MotoCorp, holding over 37% in Ather, is not expected to sell any shares. This marks the second time Ather has reduced its valuation expectations—it previously eyed a valuation between ₹17,000 crore and ₹20,000 crore. The IPO, which received regulatory approval in December 2024, was initially planned for early 2025 but has now been delayed further, possibly by another month. However, sources confirm Ather remains committed to going public.
Ather IPO Delay Possible After Valuation Cut
- IPO Valuation Trimmed: Ather Energy has reduced its expected IPO valuation to ₹12,800 crore, down from ₹14,000 crore.
- Reduced IPO Size: The IPO size is now expected to be between ₹2,900 crore and ₹3,200 crore ($350M–$375M), lower than the earlier ₹3,500 crore to ₹3,700 crore target.
- Market Conditions: The reduction is due to volatile markets and weak investor sentiment.
- IPO Structure: The offering will include a mix of fresh issue and offer-for-sale (OFS).
- Hero MotoCorp's Stake: Hero MotoCorp, owning over 37% of Ather, will not be selling any shares in the IPO.
- Second Valuation Cut: This is the second time Ather has scaled back its valuation—from an earlier target of ₹17,000–₹20,000 crore.
- IPO Timeline: The IPO, approved in December 2024, was originally planned for early 2025, then delayed to April, and now may be pushed further by a month.
- Public Listing Plans: Despite delays and revisions, Ather Energy is still committed to going public.