Mumbai— Ather Energy made a lackluster debut on the stock exchanges Tuesday, with its shares slipping more than 5% in early trade despite a marginally positive listing.
The electric two-wheeler manufacturer’s stock opened at Rs 328 on the National Stock Exchange (NSE), up 2.18% from its issue price of Rs 321. On the Bombay Stock Exchange (BSE), it listed at Rs 326.05, marking a 1.57% gain.
However, the early gains quickly faded. By 12:15 p.m., Ather shares had dropped to Rs 309.95 on the NSE, down 5.5%, and to Rs 309.25 on the BSE, a decline of 5.15%.
The company’s Rs 2,981 crore initial public offering (IPO), which ran from April 28 to 30, saw a muted response with an overall subscription of 1.43 times. Retail investors subscribed 1.78 times their quota, and Qualified Institutional Buyers (QIBs) 1.70 times. Non-institutional investors, however, showed limited interest with just 66% subscription.
The IPO included a fresh issue worth Rs 2,626 crore and an offer-for-sale of 1.1 crore shares. Although Ather shares were trading at a 4% premium in the grey market prior to listing, the actual debut and subsequent performance fell short of expectations.
Market analysts described the listing as underwhelming, particularly for a company seen as a leading player in the electric mobility space. Ather’s IPO was the first mainboard public issue of the current fiscal year and marked the second listing by an electric two-wheeler company after Ola Electric’s Rs 6,145 crore offering in August 2024.
Post-listing, Ather Energy’s market capitalization stood at Rs 12,144.05 crore. (Source: IANS)
