Ather Energy IPO's 28% Day 2 subscription resurfaces from April 2025 bidding
Ather Energy's IPO was subscribed 28% by the second day of bidding on April 29, 2025, signalling measured early demand for the electric two-wheeler maker's public issue — a months-old milestone resurfacing now.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, according to an April 29, 2025 update.
Key facts
- 28%
- Day 2
- April 29, 2025
Why this matters
Measured IPO demand positions Ather Energy as a credible but still closely scrutinized EV platform, shaping partnership and competitive-assessment considerations across the two-wheeler ecosystem.
What to watch
- Day 3 and final subscription multiple, particularly QIB participation
- Anchor book quality and concentration
- Grey-market premium direction before listing
- Listing-day price versus issue price and first-week trading liquidity
- Quarterly delivery growth, market-share data, and vehicle gross-margin improvement after listing
- Changes to EV incentives, battery costs, and financing availability
- Competitor responses from Ola Electric, TVS, Bajaj, Hero MotoCorp, and other two-wheeler brands
- Monitor final-day subscription by QIB, non-institutional, and retail categories rather than aggregate demand alone.
- Track grey-market premium and anchor investor disclosures for indications of expected listing performance.
- Compare issue valuation and operating metrics with listed two-wheeler peers, especially EV penetration, gross margin trajectory, cash burn, and dealer expansion.
- Expect competing EV makers and incumbents to use a successful IPO as validation for capacity, product-launch, and financing plans.
- Prepare for elevated promotional spending and dealer incentives if public capital strengthens Ather’s ability to fund market-share expansion.