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Ather Energy’s public listing has had a subdued start. Known for its deliberate, meticulous approach to product launches, Ather has built a reputation for high-quality electric vehicles (EV). However, when the company went public earlier this week, it had a disappointing start to life on the bourses.
While the company’s shares debuted at Rs 321 per share, they closed at Rs 310.40 on day one. The 3.3% drop saw the company’s market capitalisation settle at ~$1.37 billion—not much of an improvement from its private market valuation, which some would argue was already conservative. The company’s share price has since fallen to just under Rs 300.
Its fortunes contrast strongly with what its rival Ola Electric experienced when it went public last August. Ola Electric’s shares listed at Rs 76 and nearly doubled in value within the month, touching Rs 146. Since then, the stock has largely traded below its issue price.
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