Ather Energy IPO's 28% Day 2 subscription resurfaces from April 2025
Resurfacing a months-old milestone: Ather Energy's IPO was subscribed 28% by the end of the second day of bidding on April 29, 2025, offering an early read on investor demand for the electric two-wheeler maker at the time.
What happened
Ather Energy’s IPO was subscribed 28% by the end of its second bidding day, according to an April 29, 2025 update.
Key facts
- 28% subscribed
- Day 2
- April 29, 2025
Why this matters
Ather’s early IPO demand read may help shape EV two-wheeler valuation benchmarks and strategic-partnership or acquisition expectations across the sector.
What to watch
- Final subscription multiple exceeding 1x, especially QIB demand strengthening late in the process.
- Retail subscription remaining below issue-size expectations despite the final bidding session.
- Grey-market premium moving materially higher or turning negative before allotment.
- Listing-day price versus issue price and first-week trading volumes.
- Subsequent monthly Ather vehicle registrations, market-share changes and gross-margin/profitability disclosures.
- Track Day 3 and final-book subscription by QIB, NII and retail categories rather than aggregate demand alone.
- Monitor grey-market premium and any changes in institutional anchor participation for listing-price expectations.
- Watch management commentary on path to profitability, dealer expansion, battery sourcing and use of IPO proceeds.
- Compare post-listing valuation and operating metrics with Ola Electric, TVS Motor, Bajaj Auto and Hero MotoCorp EV strategies.