Ather Energy IPO's Day 2: 28% subscription resurfaces, retail tranche was fully subscribed (April 2025)
Resurfacing an April 2025 update: Ather Energy's IPO was subscribed 28% by the end of Day 2, with the retail investor portion reaching full subscription, signalling stronger individual-investor interest than overall demand.
What happened
Ather Energy’s IPO was subscribed 28% by the end of Day 2, while the retail investor portion was fully subscribed at 100%.
Key facts
- 28% overall subscription on Day 2
- 100% retail portion subscription
- April 29, 2025
Why this matters
Ather’s retail-led IPO interest reinforces the strategic value of differentiated EV brands, though subdued aggregate demand may temper near-term sector valuation expectations.
What to watch
- Final overall subscription multiple and QIB tranche coverage
- Last-day bid concentration and anchor investor participation
- Grey-market premium direction before allotment and listing
- IPO pricing relative to peer sales multiples and projected unit economics
- Post-listing delivery volumes, retail churn and first-week price stability
- Government EV incentives, import-duty policy and battery-material cost movements
- Monitor final-day QIB and NII subscription rates rather than retail demand alone.
- Assess whether the final issue price implies a defensible valuation versus listed two-wheeler, EV and battery peers.
- Track grey-market premium changes cautiously as a near-term read on expected listing demand.
- Watch management messaging on cash burn, manufacturing scale, subsidy exposure, battery sourcing and path to profitability.
- Expect competing EV firms and prospective IPO candidates to use Ather's final subscription and listing performance as a valuation benchmark.