Ather Energy IPO's 28% Day-2 subscription resurfaces from April 2025; retail quota was fully booked
Resurfacing a late-April 2025 update: Ather Energy's IPO was subscribed 28% by the second day of bidding on April 29, 2025, with the retail investor portion fully subscribed. The source URL also cites an earlier 0.24x overall subscription reading, indicating intraday movement.
What happened
Ather Energy’s IPO was 28% subscribed by the second day, while the retail investor quota was fully booked. The source URL separately reported overall
Key facts
- 28% overall subscription by Day 2
- Retail portion 100% subscribed
- 0.24x subscription reported in source URL
Why this matters
The split between robust retail appetite and muted institutional bidding highlights potential partnership, distribution, and capital-raising opportunities for EV players with credible paths to scale and profitability.
What to watch
- QIB subscription rising above issue coverage before close
- NII/HNI demand catching up with or exceeding overall subscription
- Final overall subscription multiple and bid concentration near the upper price band
- Grey-market premium direction ahead of allotment and listing
- Anchor investor mix and any disclosed lock-up or strategic investor participation
- Management guidance on gross margin, EBITDA break-even, manufacturing utilization and capex
- Post-listing performance versus issue price and broader Indian IPO-market sentiment
- Price cuts, incentive changes or product launches from Ola Electric, TVS, Bajaj and Hero MotoCorp
- Track final-day QIB, NII/HNI and employee-category subscription rather than retail demand alone.
- Watch for anchor-book quality, including participation from long-only domestic and global institutions.
- Assess valuation against listed two-wheeler and EV peers, especially given Ather's path to profitability and cash-burn requirements.
- Monitor whether IPO proceeds accelerate store additions, service capacity, charging infrastructure and new-product launches.
- Expect competing electric two-wheeler brands to respond through financing offers, discounts, dealer incentives or product-refresh announcements if Ather emerges with stronger capital resources.