Ather Energy IPO resurfaces: reached 28% subscription on Day 2 in April; retail tranche fully booked
Ather Energy's IPO was subscribed 28% by April 29, 2025, its second day of bidding, according to Inc42. The retail investor portion was fully subscribed, signalling stronger individual participation than overall demand.
What happened
Ather Energy’s IPO was subscribed 28% (0.24 times) by Day 2 on April 29, 2025. The retail investor portion was fully subscribed at 100%.
Key facts
- 28%
- 0.24 times
- 100%
- Day 2
- April 29, 2025
Why this matters
The split between strong retail participation and sub-one-times overall demand signals that EV-sector capital access is available for differentiated brands but remains selective among larger investors.
What to watch
- QIB subscription approaching or exceeding 1x before book close.
- Total subscription crossing 1x and the final category mix of the order book.
- Material movement in grey-market premium during the final bidding days and before listing.
- Any revision in market conditions, broader Indian equity volatility or EV-sector sentiment before allotment.
- Post-IPO disclosures on quarterly deliveries, gross-margin trajectory, cash burn, dealership additions and subsidy-policy exposure.
- Track category-wise subscription on the final day, especially QIB and non-institutional/HNI demand rather than retail demand alone.
- Monitor grey-market premium and unofficial market commentary for changes in expected listing sentiment.
- Compare final valuation and issue pricing with Ola Electric, TVS Motor, Bajaj Auto and other two-wheeler EV benchmarks.
- Watch whether IPO proceeds and post-listing disclosures emphasize manufacturing capacity, dealer expansion, battery technology and charging-network investment.
- Expect competitors to intensify retail promotions, financing offers and model launches if a successful listing validates public-market appetite for EV two-wheelers.