Ather Energy IPO's 28% Day-2 subscription resurfaces from late April
Ather Energy’s IPO was subscribed 28% by the close of its second bidding day, according to a resurfacing April 29, 2025 market update.
What happened
Ather Energy’s IPO was subscribed 28% by the end of its second day, according to an April 29, 2025 update.
Key facts
- 28% subscription
- Day 2
- April 29, 2025, 19:43:56 IST
Why this matters
Muted early subscription may strengthen the case for strategic partnerships in manufacturing, charging and distribution as Ather seeks to support growth beyond IPO proceeds.
What to watch
- Final subscription split across QIB, NII/HNI, retail and employee categories.
- Grey-market-premium direction and any sharp decline ahead of allotment.
- Issue-price valuation relative to listed two-wheeler and EV-adjacent peers.
- Management commentary on use of proceeds, factory capacity, dealer additions and path to EBITDA improvement.
- Listing-day volume, close versus issue price, and first quarterly update after listing.
- Watch for a late acceleration in QIB bids and anchor-investor participation before the issue closes.
- Expect peer valuation comparisons to intensify, especially around EV penetration, gross margin trajectory, dealership expansion and operating-loss reduction.
- A subdued IPO outcome could make later-stage Indian EV companies more conservative on fundraising valuation and timing.
- If listed successfully, Ather may direct market attention toward delivery growth, battery/charging-network investment and the pace of cash consumption rather than headline revenue growth alone.