Mumbai, April 9 -- Electric two-wheeler maker Ather Energy is expected to scale down the size of its upcoming initial public offering (IPO) to a range of Rs.2,900 crore to Rs.3,200 crore, CNBC-TV18 reported, citing sources familiar with the development.

This marks a reduction from the earlier estimated range of Rs.3,500 crore to Rs.3,700 crore.

The company is now targeting a post-money valuation of around Rs.12,800 crore, lower than its initial goal of Rs.14,000 crore.

The downsizing of the IPO is being attributed to uncertain market conditions and subdued investor sentiment, the report added.

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