Ather Energy IPO's Day 2 subscription of 28% resurfaces, retail quota was fully booked
Resurfacing an April 29 update: Ather Energy's IPO was subscribed 28% overall by the second day of bidding, while the retail investor portion had reached full subscription.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, 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 of bidding
- April 29, 2025
Why this matters
Ather’s retail-led IPO traction strengthens its capital-raising narrative, though subdued overall demand may temper valuation expectations for EV-sector transactions.
What to watch
- Final overall subscription multiple and QIB subscription at close
- Grey-market premium and post-allotment demand signals
- Listing-day price versus issue price and traded-volume depth
- Quarterly gross margin, EBITDA loss, and cash-burn guidance after listing
- Electric two-wheeler registration growth and Ather market-share trends
- Competitive pricing actions from Ola Electric, TVS, Bajaj, Hero MotoCorp, and other two-wheeler brands
- Changes to Indian EV subsidies, battery-policy incentives, or charging-infrastructure support
- Monitor final-day QIB and NII subscription levels, which will determine whether the retail-led demand broadens into institutional validation.
- Track any IPO price-band, anchor-allotment, or allotment updates for indications of valuation support.
- Watch whether Ather moderates company-owned retail expansion in favor of dealer-led distribution if public-market investors prioritize cash conservation.
- Expect competitors in Indian electric two-wheelers to use any weak debut to intensify discounting, financing offers, and dealership recruitment.
- Assess whether IPO proceeds accelerate investment in battery technology, charging networks, software features, and new model launches rather than near-term profitability.