Ather IPO: Flipkart founders’ early bet pays off as investors double gains despite muted debut

Promoters and early backers of Ather Energy, including Flipkart cofounder Binny Bansal, Tiger Global, GIC, and NIIF, have seen the value of their stakes more than double — even as the EV company’s shares slipped below listing price on debut.Despite a subdued market debut, the combined value of stakes held by Ather’s promoters and key shareholders now stands at Rs 7,055.65 crore, or 2.2x their investment, as per ET calculations from the red herring prospectus.

This group includes Tarun Mehta, Swapnil Jain, Hero MotoCorp, Tiger Global, GIC, NIIF,…