Ather Energy IPO's 28% subscription on Day 2 resurfaces from April 2025; retail tranche was fully booked
Resurfacing a late-April 2025 update: Ather Energy's IPO was subscribed 28% by the second day of bidding, with the retail investor portion fully subscribed. The update signaled strong retail interest despite lower overall institutional and non-institutional participation.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding. The retail investor portion was fully subscribed, while the overall issue stood at 0.24
Key facts
- 28% overall subscription by Day 2
- 100% retail portion booked
- 0.24x subscription
- April 29, 2025
Why this matters
The IPO’s retail traction reinforces strategic interest in India’s EV ecosystem, while muted non-retail participation may preserve leverage for partnership or consolidation discussions.
What to watch
- QIB subscription accelerating materially on the final day of bidding.
- NII/HNI demand moving from under-subscribed toward fully subscribed.
- Any revision in grey-market premium or reports of institutional allocation interest.
- IPO pricing at the top versus lower end of the stated band, if applicable.
- New disclosures on losses, manufacturing capacity, battery supply, recalls, subsidies, or EV registration trends.
- Broad Indian equity-market risk sentiment during the final bidding and listing window.
- Track day-by-day QIB, NII/HNI, and employee-category subscription separately from retail demand.
- Watch whether the company or lead managers emphasize anchor demand, strategic investors, profitability milestones, or use-of-proceeds messaging to strengthen institutional interest.
- Monitor unlisted-market premium indications cautiously; a widening premium after retail saturation would signal improving expectations for final-day demand.
- Compare the implied IPO valuation with listed two-wheeler and EV peers, particularly on revenue growth, gross margin, market share, and cash-burn trajectory.