Ather Energy backed by Hero MotoCorp is preparing for an IPO with a reduced valuation of ₹10,461 crore, down from the initially targeted ₹17,439 crore, Bloomberg reported. The company recently converted its compulsory convertible preference shares into equity, advancing its IPO plans. The IPO could raise approximately ₹3,487 crore, with a potential launch by late March or early April.