Ather Energy IPO retail tranche fully subscribed on Day 2
Ather Energy’s IPO was subscribed about 0.24x–0.28x on its second day of bidding, while the retail investor portion was fully booked, signalling stronger demand from individual investors than the overall issue.
What happened
Ather Energy's IPO was 28% subscribed on its second day, with the retail investor portion fully booked.
Key facts
- 28% subscribed on Day 2
- Retail portion fully booked
- 100% retail subscription
Why this matters
The split demand profile highlights Ather’s consumer-brand equity as a strategic asset, while muted broader participation may create partnership or valuation leverage.
What to watch
- QIB subscription crossing 1x before issue close
- Overall subscription materially improving from the 0.24x-0.28x range
- A sustained positive or declining grey-market premium
- Final issue pricing and allocation mix
- Post-listing trading volume, delivery data, and listing-day premium or discount
- Monthly EV scooter registrations and Ather market-share trends
- Track final-day QIB, NII, and employee-category subscription separately from retail demand.
- Assess whether the issue price implies a premium to listed EV and two-wheeler peers despite Ather's continuing losses and cash needs.
- Watch for grey-market premium changes, anchor investor participation, and any extension or revision in bidding dynamics.
- Monitor competitor responses, especially dealer incentives, product launches, and financing offers from Ola Electric, TVS, Bajaj, and Hero MotoCorp.