The 20-year-old man remains in hospital after he was attacked early on Saturday near the Octagon.
A police spokesman said the man was found unconscious on the corner of Princes St and the Octagon about 3.15am.
He was taken to hospital in a critical condition with head injuries.
However, police told the Otago Daily Times on Sunday the man's condition was now stable and he was due to be discharged from hospital in the next few days.
Police have completed a scene examination and were continuing to make inquiries.
No arrests have been made.
People who may have information about the attack were asked to contact police on 105 and quote file number 240413/1279.