Ather Energy IPO's 28% Day 2 subscription resurfaces from April 2025; retail quota was fully subscribed
Resurfacing a late-April 2025 update: Ather Energy's IPO was subscribed 0.28 times by the end of Day 2 on April 29, 2025. The retail investor portion was fully subscribed at 1 time.
What happened
Ather Energy’s IPO was subscribed 28% by the end of Day 2, while the retail investor portion was fully subscribed at 1x.
Key facts
- 28% (0.28x) overall subscription by Day 2
- 100% (1x) retail portion subscription
- April 29, 2025
Why this matters
The retail-led response reinforces Ather’s consumer appeal as a strategic asset, while muted total subscription could improve leverage for partners, investors, or potential acquirers assessing its funding outlook.
What to watch
- Final subscription multiple by QIB, NII, employee, and retail categories
- Anchor-investor quality and concentration
- Market-wide risk appetite and performance of recent Indian IPOs
- Changes in grey-market premium before allotment and listing
- Disclosed FY25/FY26 delivery growth, margin trajectory, operating losses, and capital-expenditure needs
- Competitive actions from Ola Electric, TVS, Bajaj, and other two-wheeler EV participants
- Monitor final-day QIB and non-institutional subscription rather than retail demand alone.
- Assess the issue price against listed EV, auto, and consumer-tech comparables on revenue growth, gross margin, and cash-burn metrics.
- Watch grey-market premium direction cautiously as a sentiment indicator, not a valuation signal.
- Track management commentary on manufacturing utilization, dealer expansion, charging ecosystem investment, and route to profitability.
- Prepare for post-listing volatility if demand remains concentrated in the retail bucket.