Ather Energy IPO's 28% Day 2 subscription resurfaces from April 2025; retail quota was fully booked
Resurfacing a late-April 2025 milestone: Ather Energy's IPO was subscribed 28% by the close of its second bidding day on April 29, 2025. The retail investor portion was fully subscribed, signalling stronger individual-investor demand than the overall book.
What happened
Ather Energy’s IPO was subscribed 28% by the end of its second bidding day, while the retail investor portion was fully subscribed.
Key facts
- 28% overall subscription
- 100% retail portion subscription
- Day 2 of bidding
Why this matters
The retail-led response reinforces strategic interest in electric two-wheelers, while muted overall subscription may create opportunities for partnerships, financing, or consolidation among category players.
What to watch
- Final subscription multiple, especially QIB demand on the last bidding day
- Anchor book quality and concentration of long-only institutional investors
- Grey-market premium direction before allotment and listing
- Issue-price valuation versus listed EV and two-wheeler peers
- Post-listing volume, delivery percentage and first-week price stability
- Management guidance on profitability, unit economics, store rollout and production expansion
- Track final-day QIB, NII and employee-category subscription separately from retail bids.
- Assess grey-market premium and anchor-investor participation for indications of expected listing performance.
- Compare implied valuation with Ola Electric and traditional two-wheeler manufacturers on sales growth, gross margin and path to profitability.
- Watch whether Ather deploys IPO proceeds toward retail store expansion, charging infrastructure and manufacturing capacity, increasing competition for dealer locations and customer acquisition.