Ather Energy IPO reaches 0.24x subscription on Day 2; retail portion fully subscribed
Ather Energy’s IPO was subscribed 0.24 times by the second day of bidding, with the retail investor portion fully subscribed, according to Inc42.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding.
Key facts
- 28%
- second day of bidding
Why this matters
The muted overall IPO response despite strong retail participation may temper EV-sector valuation benchmarks and strengthen buyers’ leverage in partnership or acquisition discussions.
What to watch
- QIB subscription accelerating sharply on the final bidding day.
- Total subscription crossing 1x without a corresponding increase in QIB participation.
- A declining or negative grey-market premium before allotment.
- Weak secondary-market performance by comparable Indian EV, auto and new-age listings.
- Updated disclosures on losses, operating cash flow, capex needs or competitive pricing by Ola Electric, TVS, Bajaj and Hero MotoCorp.
- Monitor final-day QIB, NII and employee-category subscription separately from retail demand.
- Assess whether the issue price and implied valuation leave sufficient upside versus listed EV and two-wheeler peers.
- Track grey-market premium direction, anchor investor participation and broader Indian IPO-market sentiment.
- Watch post-listing management commentary on unit economics, manufacturing scale-up, dealer expansion and cash-burn funding requirements.