Milestone for Indian EV industry: Ola Electric's Bhavish Aggarwal as Ather Energy goes public
On X, Ola Electric's Bhavish Aggarwal congratulated its rival Ather Energy, which became the second electric two-wheeler company to debut on the Indian bourses.
As Ather Energy made its stock market debut on Tuesday, the EV maker found a new supporter on the Indian bourses—its rival, Ola Electric.
Ola Electric Founder Bhavish Aggarwal took to X, formerly Twitter, to congratulate Ather, which became the second electric two-wheeler company to debut on the NSE and BSE.
“Congrats to Tarun Mehta and the whole Ather Energy team on this milestone for the Indian EV industry! Let’s together make India the global EV hub,” Aggarwal's X post read.
Meanwhile, Ola Electric, which went public in August last year, posted from its official X handle, saying, “The EV revolution was never meant to be solo. Welcome to the bourses, Ather Energy! Let’s go full throttle.”
EV maker Ather Energy had listed its shares on the National Stock Exchange on Tuesday at Rs 328.10 apiece, at a nearly 2.2% premium to the upper band of the company’s IPO price of Rs 321 apiece.
Ather’s IPO, constituting a fresh issue of Rs 2,626 crore and an offer for sale of up to 1.1 crore shares, was subscribed 1.43X, with the institutional portion seeing a surge during the third and final day of pre-IPO subscription.
The EV maker had trimmed its IPO size to Rs 2,626 crore from its previous target of Rs 3,100 crore amidst broader market conditions.
Meanwhile, Ola Electric had seen its shares surge about 20% on its debut, boosting the company’s valuation to about $4.8 billion. However, profitability concerns and regulatory troubles have wiped off its valuations since, reiterating growing investor focus on profitability.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
Edited by Suman Singh