Ather Energy IPO's 28% Day 2 subscription resurfaces from April 29
Ather Energy's IPO was subscribed 28% by the second day of bidding, according to an April 29 update now resurfacing, having offered an early read on investor demand for the electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, according to an April 29, 2025 update.
Key facts
- 28% subscribed
- Day 2
- April 29, 2025
Why this matters
Ather’s early IPO traction provides a live valuation benchmark for electric two-wheeler peers, though the modest Day 2 subscription suggests strategic buyers should remain selective on growth assumptions.
What to watch
- Final subscription crossing 1x, 2x, or materially below 1x.
- QIB demand accelerating materially on the final day.
- Retail participation remaining below full subscription despite final-day bidding.
- A sustained fall in the grey-market premium before allotment.
- Post-IPO disclosures indicating higher-than-expected operating losses, inventory build, or capital expenditure needs.
- Competitive pricing actions, incentives, or market-share gains by Ola Electric, TVS, Bajaj, Hero MotoCorp, or other electric two-wheeler brands.
- Track final-day subscription by QIB, NII/HNI, retail, and employee categories rather than the headline total alone.
- Watch grey-market premium and any change in it after final subscription data, while treating it as an informal sentiment indicator.
- Compare implied valuation with Ola Electric and listed two-wheeler incumbents on sales growth, gross margin trajectory, and cash requirements.
- Monitor management commentary on use of proceeds, manufacturing expansion, dealer/service footprint, battery sourcing, and path to profitability.
- Assess whether muted IPO demand delays or reprices planned capital-market activity by other EV, battery, and mobility startups.