Ather Energy’s post-IPO share story comes into focus amid buy call and lock-in expiry
Financial Express archive coverage from April–June 2025 flagged HDFC Securities’ Buy call implying 31% upside for Ather Energy, while a lock-in expiry involving nearly 6% of shares added a potential supply-side watchpoint after the company’s muted IPO debut.
What happened
Financial Express archive coverage includes HDFC Securities’ Buy call on Ather Energy, lock-in expiry for nearly 6% of shares, and its tepid IPO listing’s
Key facts
- 31% projected upside
- Nearly 6% of Ather Energy and Borana Weaves shares
- May 29, 2025
- May 23, 2025
- June 10, 2025
Why this matters
For strategic buyers and partners, Ather’s valuation debate and potential incremental share supply could create a clearer window to assess partnership, investment or consolidation opportunities.
What to watch
- Block deals or bulk deals involving lock-in-eligible shareholders
- Sustained trading volume and delivery percentage above post-listing averages
- Monthly electric two-wheeler registration growth and Ather market-share changes
- Quarterly revenue growth, gross-margin movement, EBITDA losses and operating cash burn
- New model launches, pricing actions, incentives or battery/charging policy changes
- Competitive discounting, product recalls, service complaints or dealership-network expansion
- Track disclosed promoter, employee, early-investor and institutional transactions following the lock-in expiry.
- Compare monthly registrations, retail deliveries and market share against Ola Electric, TVS, Bajaj and Hero MotoCorp.
- Watch for management commentary on gross margin, EBITDA path, working capital, dealer/service expansion and battery-cost trends.
- Monitor whether broker upgrades, target-price revisions or earnings estimates remain supportive after the initial post-IPO reporting periods.
- Assess whether secondary-market weakness affects employee retention, vendor confidence or the timing of future fundraising.