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Ather Energy IPO Day 1 Subscription Status Live Updates: The EV automobile player Ather Energy has launched its initial public offer, and bidding for it has started today, i.e April 28. The issue price is ranging between Rs 304 -321 per equity share, and the IPO is closing on April 30. The company is raising Rs 2,981.06 crore through a combination of a fresh issue and an offer for sale.
Ather Energy IPO: 3 crucial concerns
Brokerages are not too enthused about the Ather Energy IPO. Many have recommended cautious or Avoid rating on the back of the following reasons-
1. Issue overvalued: According to Deven Choksey Research, the Ather IPO is currently offered at a EV/Sales valuation of 6x. This according to them, “appears overvalued. We assign ‘Avoid’ rating and believe that it can be bought at attractive valuation in the secondary market.”
2. Supply Chain worries: Ather Energy relies on imports from countries like China for its EV components. The street is worried about impact of regulatory or policy changes. Moreover, any disruption in the supply, pricing of lithium-ion cells is seen as a key risk that could impact the company’s operation.
3. Competition worries: Many brokerages also highlighted the growing competition in the electric two-wheeler space and the relative valuation of Ather Energy issue. They seen need for further rationalisation.
ALSO READAther Energy IPO Day 1: Why some top brokers are saying “Avoid” despite EV buzz
Ather Energy IPO: Investor details
The book-building issue will offer 8.18 crore fresh shares and 1.11 crore promoters’ shares. The allotment for the IPO is expected to be finalised on May 2. As per the tentative schedule, the shares of Ather Energy might the D-Street (NSE and BSE) on May 06. Axis Capital, HSBC Securities & Capital Markets, JM Financial, and Nomura Financial Advisory And Securities (India) are the lead book runners of the issue, with Link Intime India working as the registrar.
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