India, April 9 -- EV maker Ather Energy is reportedly mulling cutting its IPO size by at least $50 Mn (about INR 430 Cr) from its earlier target of $400 Mn (about INR 3,460 Cr) amid the ongoing volatility in the Indian and the global stock markets.

Citing sources, Bloomberg reported that the company's shareholders are considering offering a lower number of shares under the offer-for-sale component of the IPO.

The company's proposed public issue, which received SEBI's nod at the end of December last year, was to have a fresh issue of shares worth up to INR 3,100 Cr (about $358 Mn) and an offer for sale (OFS) of up to 2.2 Cr shares.

Institutional investors like Tiger Global, Caladium Investments, National Investment and Infrastructure Fu...