Ather Energy IPO's 28% Day-2 subscription resurfaces from its April 2025 listing; retail quota was fully booked
Resurfacing a report from Ather Energy's IPO bidding in late April 2025, the offering was 28% subscribed on its second day, with the retail investor portion fully subscribed. Inc42's URL references 0.24x overall subscription, indicating the figures may reflect different intraday reporting points.
What happened
Ather Energy’s IPO was 28% subscribed on its second day, while the retail investor portion was fully subscribed. The source URL separately cited overall
Key facts
- 28% overall subscription by Day 2
- 100% retail portion subscribed
- 0.24x subscription cited in source URL
Why this matters
The IPO’s retail momentum reinforces Ather’s strategic value as a recognized EV two-wheeler brand, though muted broader demand may temper valuation expectations.
What to watch
- QIB portion reaching full subscription or remaining materially under-subscribed by the final day.
- Overall subscription crossing 1x and then 2x.
- A sustained rise or decline in grey-market premium.
- Equity-market volatility or a negative move in Indian auto/EV stocks during the bidding window.
- Revisions to reported subscription data, given the 0.24x versus 0.28x intraday discrepancy.
- Track day-by-day QIB and non-institutional investor subscription, which will determine whether demand broadens beyond retail.
- Monitor grey-market premium and any change in IPO pricing commentary from brokers.
- Compare Ather's valuation and operating metrics with Ola Electric and listed two-wheeler peers.
- Watch for management disclosures on use of proceeds, manufacturing expansion, margins and path to profitability.