Muted debut, rich valuations: Can Ather Energy override early bumps to deliver long-term gains?

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Ather Energy shares debuted flat and are trading 5% below issue price amid weak IPO demand and stretched valuations.
Despite premium positioning and strong brand, FY24 losses widened to Rs 1,059 crore with negative EBITDA margin of –39%.
Analysts see long-term potential but warn only high-risk investors should consider gradual accumulation.
Ather’s tepid IPO suggests the broader market revival still hinges on secondary market recovery.

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