Ather Energy IPO's 28% Day 2 subscription resurfaces from April 29, 2025; retail portion was fully booked
Resurfacing a months-old milestone: Ather Energy's IPO was subscribed 28% by Day 2 on April 29, 2025, with the retail investor category fully subscribed. The source URL references 0.24x overall subscription, indicating the figures may reflect different update times.
What happened
Ather Energy’s IPO was subscribed 28% on its second day, while the retail investor portion was fully booked. The source URL reported overall subscription at
Key facts
- 28% total subscription on Day 2
- 100% retail portion subscribed
- 0.24x subscription reported in source URL
Why this matters
The retail-led subscription profile supports Ather’s brand momentum but suggests potential partners and acquirers should await stronger institutional participation before treating the listing as a definitive valuation benchmark.
What to watch
- QIB subscription accelerates meaningfully on the final bidding day.
- Overall subscription exceeds 1x with broad participation across investor categories.
- Retail demand remains strong while NII demand improves, supporting listing liquidity.
- IPO pricing is retained at the top of the announced band despite limited early institutional participation.
- Grey-market premium weakens sharply or turns negative before allotment.
- New disclosures on operating losses, battery supply, dealer expansion, subsidy policy, or competitive pricing in electric scooters.
- Track final-day QIB, NII/HNI, employee, and retail subscription separately rather than relying on the aggregate multiple.
- Compare implied IPO valuation with Ola Electric, TVS Motor, Bajaj Auto, and Hero MotoCorp on EV sales growth, margins, market share, and cash requirements.
- Monitor grey-market-premium direction cautiously as an indicator of retail trading expectations, not fundamental demand.
- Watch whether the company or book-running banks emphasize anchor demand, long-only institutional participation, or any pricing/issue-size adjustments.
- Assess potential post-listing pressure from pre-IPO shareholders, lock-up expiries, and the size of the offer-for-sale versus fresh capital component.