“The IPO has seen an overall subscription of 0.36x, with notable traction from retail investors at 1.44x. Despite this interest, listing gains are expected to be modest, largely due to stretched valuations and a less supportive market environment compared to October 2024,” said Gaurav Garg, Lemonn Markets Desk.
“While comparisons with Ola Electric are inevitable, Ather stands out with a more premium brand image, superior margins per vehicle, and lower cash burn. That said, it currently commands only about one-third of Ola’s market share. Similar to Ola’s IPO, a post-listing rally remains possible if momentum builds after debut,” he added.