Ather likely to seek lower valuation for IPO at $1.2 billion

ELECTRIC-SCOOTER MAKER ATHER Energy, backed by Hero MotoCorp, may pursue its planned initial public offering| (IPO) at about $1.2-billion valuation, according to people familiar with the matter.

- 

The company, which had initially targeted a valuation of about $2 billion, could aim to sell shares by the end of March or early April, the people said, asking not to be identified because the deliberations are private. A share sale could help Ather raise about $400 million, the people said, adding that the firm's postmoney valuation may reach $1.6 billion.

Considerations are ongoing and details such as the valuation, timing and size could still change, the people said. A representative for Ather declined to comment.