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Jayant Mundhra
•
Dexter Capital Advisors • 5d
Day before Yday at 12pm, Ather’s IPO subscription was significantly low at ~22% for Day 2. And then something shady happened 🙏🙏 Amidst the lukewarm investor interest, three brokerages swooped in with “subscribe for LISTING GAINS” calls, all within 40 minutes. - Arihant at 12:33 pm - Ventura at 1:04 pm - Nuvama at 1:13 pm And amazingly, no body in media cared to reported these, but one single publication - The Hindu BusinessLine. Nobody else touched these recommendations. Hindu Businessline’s KS Badri Narayanan published three individual AI-generated reports (their dislcosure) talking about how top brokerage is telling people to subscribe to Ather’s otherwise slow IPO for LISTING GAINS. .. Plus, all had same two points: 1 - growth potential 2 - Margin gains from 7% in FY24 to 19% in first 9 months of FY25 Nothing else. And, all published within 40 mins. That sounds less of journalism, and more of a coordinated campaign push to prop up a failing IPO. .. Ather’s subscription has been dismal so far - 16% on day one, growing to just 22% by 12 noon on day 2 (creeping to 28% by day two’s end). With 75% of shares reserved for Qualified Institutional Buyers (QIBs) - who hadn’t subscribed much by Day 2’s mid-time, retail investors needed a nudge. Enter these articles, all touting the same stuff - Ather’s “growth potential” and “margin gains” (from 7% in FY24 to 19% in 9MFY25). And just in case anyone calls out the campaign, the AI disclaimer serves as a cop-out. .. The rapid-fire publication of three positive recommendations within 40 minutes, when subscription was low, looks like a deliberate attempt to sway investor sentiment. If these were genuine brokerage reports, other outlets would likely have picked them up. This exclusivity could imply selective reporting or even paid promotion. And while its possible that all of this is not a paid coordinated campaign to push the sluggish IPO subscription, the circumstances don’t inspire conviction. The views are personal. Period.
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