IPO Snapshot
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Dates: April 28-30, 2025
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Price Band: ?304-321 per share
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Issue Size: ?2,981.06 crore (Fresh Issue + OFS)
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Lot Size: 46 shares (?14,766-?14,766 per lot)
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Listing Date: Expected May 8, 2025
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GMP (Today): ?3 per share (Flat vs Day 1)
Subscription Status (End of Day 1)
| Category | Subscription Times |
|---|---|
| Retail | 0.63x |
| NII | 0.16x |
| QIB | 0.00x (Opens Day 2) |
| Employees | 1.78x |
| Total | 0.16x |
Bullish Factors
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Market Leadership: 2nd largest premium E2W brand after Ola (18% market share)
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Expansion Plans: New Maharashtra plant (10 lakh units/year capacity by FY26)
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Strong Backing: Backed by Hero MotoCorp (38% stake) and Sachin Bansal
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Tech Edge: Proprietary battery tech and 1,500+ Ather Grid charging stations
Key Risks
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Financial Health: Accumulated losses of ?2,843 crore (FY24)
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Subsidy Cuts: Reduced FAME-II benefits impacting margins
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Valuation Concerns: P/B ratio of 81x-86x (pre-issue)
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Competition: Ola, TVS, Bajaj scaling EV portfolios aggressively
Brokerage Recommendations
| Firm | Rating | Key Remarks |
|---|---|---|
| Bajaj Capital | Subscribe | Long-term bet; only for informed investors |
| Ventura | Subscribe | Buy for listing gains; premium positioning |
| SMC Global | Neutral | Rich valuations at 4.1x post-issue P/B |
Should You Apply?
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For Listing Gains: Marginal GMP (?3) suggests limited upside (1-3%)
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Long-Term Hold: High-risk bet dependent on EV adoption and profitability
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