Ather Energy Pvt Ltd is considering reducing the size of its initial public offering by at least $50 million from an earlier target of around $400 million, according to the reports.

According to the people, the potential smaller size stems from the Indian electric vehicle maker's existing investors considering offering fewer shares in the sale. They asked not to be identified because the discussions are private. Despite recent volatility in global stock markets, Ather plans to launch the IPO in the coming weeks, according to reports.

Ather may also consider lowering its proposed IPO valuation. According to the report, Ather might think about a private placement if investor sentiment keeps getting worse.

Ather, which was established in 2013, is up against manufacturers like the recently listed Ola Electric Mobility Ltd. in India, where electric scooters are growing in popularity. Ola closed Tuesday at ₹50.88, down 33% from its IPO price of ₹76.

The NSE Nifty 50 Index has not been as badly affected this week as many other markets because Indian companies have a relatively lower earnings exposure to Western markets. On Tuesday, the benchmark increased by 1.7%.