New Delhi, April 28 -- After a two-month hiatus, India's primary market is revving back to life with an electric twist. Bengaluru-based Ather Energy, one of the country's earliest electric two-wheeler manufacturers, is set to launch its Rs.2,981 crore initial public offering (IPO).

Backed by automotive giant Hero MotoCorp and marquee investor Tiger Global, Ather's listing comes amid choppy market conditions and a cautious investor climate following Ola Electric's underwhelming market debut.

Ola Electric hit the 20% upper circuit on its debut in August but has since slipped, delivering a negative return of over 34% from its listing day high.

Ather's offering includes a fresh issue of Rs.2,626 crore and an offer for sale (OFS) worth Rs.3...