Ather Energy IPO drew 28% subscription by end of Day 2 (resurfacing April 2025 update)
Resurfacing a April 29, 2025 update: Ather Energy’s IPO was subscribed 28% by the close of its second bidding day, signalling measured early demand for the electric two-wheeler maker’s public issue.
What happened
Ather Energy’s IPO was subscribed 28% by the end of the second bidding day, according to an April 29, 2025 update.
Key facts
- 28%
- Day 2
- April 29, 2025
Why this matters
Ather’s IPO demand provides a near-term valuation and capital-access benchmark for EV mobility peers, informing partnership, acquisition and financing discussions across the sector.
What to watch
- Final-day total subscription and split across QIB, NII and retail categories
- Anchor investor participation and any late institutional order-book acceleration
- Grey-market premium direction before allotment and listing
- Issue pricing versus Ola Electric and traditional two-wheeler peer valuation multiples
- Updated disclosures on gross margin, EBITDA trajectory, cash burn, delivery volumes and market share
- Broader Indian equity-market risk appetite at listing
- Ather and book-running banks are likely to emphasize market-share gains, premium positioning, charging-network expansion and improving unit economics during final investor outreach.
- Investors will compare Ather's valuation and loss trajectory with listed peer Ola Electric and incumbent two-wheeler manufacturers expanding EV portfolios.
- If demand remains muted, secondary-market expectations may reset toward a conservative listing price and lower near-term appetite for similarly priced EV growth IPOs.