Ather Energy IPO's 28% Day 2 subscription resurfaces; retail book had been fully subscribed
Resurfacing from April 29, 2025 (its second day of bidding), Ather Energy's IPO was subscribed 28% overall, with the retail investor portion having reached 100% subscription.
What happened
Ather Energy’s IPO was subscribed 28% on its second day, while the retail investor portion was fully subscribed at 100% as of April 29, 2025.
Key facts
- 28% overall subscription
- 100% retail portion subscription
- Day 2
- April 29, 2025
Why this matters
Ather’s fully subscribed retail book validates brand resonance, while the slower overall book underscores the importance of demonstrating scalable economics to strategic and institutional capital.
What to watch
- Final subscription multiple, especially QIB demand
- Anchor investor quality and concentration
- Grey-market premium direction before allotment
- IPO pricing versus comparable EV and two-wheeler valuations
- Listing-day turnover, price stability and retail selling pressure
- Quarterly delivery growth, gross-margin trend and operating-loss trajectory after listing
- Competitive pricing actions from Ola Electric, TVS, Bajaj and Hero MotoCorp
- Monitor final-day QIB and NII subscription, which will determine whether retail enthusiasm is validated by professional capital.
- Track grey-market premium and any changes in IPO pricing commentary for an early read on expected listing performance.
- Assess management's planned use of proceeds for manufacturing, battery technology, charging infrastructure and distribution expansion.
- Watch whether rival EV and two-wheeler companies adjust promotional spending or dealer incentives if Ather emerges with a stronger post-IPO capital base.
- Evaluate post-listing valuation against profitability, market-share and cash-burn metrics of established two-wheeler manufacturers.