Ather Energy IPO's April 2025 Day 2 subscription hit 28%, retail quota fully booked — resurfacing an April move

What to watch

• Final subscription crosses 1x overall, with qualified institutional buyer participation rising materially on the last day.
• Qualified institutional buyer book remains below full subscription despite retail demand.
• Issue price, valuation versus listed two-wheeler peers and any anchor-investor concentration disclosures.
• IPO allotment demand, listing-day opening price and first-week trading volume.
• Monthly electric two-wheeler registrations, Ather market-share trend and evidence that new dealership openings translate into sustained sales.
• Policy changes affecting EV subsidies, battery costs, import duties or charging-infrastructure economics.
• Track final-day subscription by qualified institutional buyers, non-institutional investors and employees rather than headline total subscription.
• Monitor any change in grey-market premium, as a widening premium would suggest improving expectations for listing gains while a flat or negative premium would reinforce valuation concerns.
• Watch management commentary on use of proceeds, especially planned spending on new models, battery technology, charging network expansion and retail footprint.
• Expect competitors to use any weak listing or weak institutional demand as evidence of sector valuation caution, potentially slowing EV-related fundraising and dealer expansion across the category.
• If the issue closes strongly, anticipate increased marketing and dealer-recruitment activity as Ather seeks to convert public-market visibility into sales and channel growth.