Ather Energy IPO's Day 2 subscription of 28% resurfaces; retail quota was fully booked
Resurfacing details from an April 29, 2025 update, Ather Energy's IPO was 28% subscribed on the second day of bidding, according to Inc42. The retail investor portion was fully subscribed, signalling stronger individual-investor interest than the overall book.
What happened
Ather Energy’s IPO was reported 28% subscribed on the second bidding day. The URL references an earlier 0.24x overall subscription figure and indicates the
Key facts
- 28% overall subscription by Day 2
- 0.24x overall subscription referenced in URL
- Retail portion 100% booked referenced in URL
Why this matters
Ather’s retail-led IPO demand strengthens its strategic currency with partners and targets, while muted overall subscription may constrain pricing leverage.
What to watch
- Overall subscription crossing 1x and the degree of final-day oversubscription.
- QIB book approaching or exceeding full subscription.
- Grey-market premium sustaining or widening after bidding closes.
- IPO price versus peers' revenue multiples and market-share expectations.
- Post-listing EV registration data, Ather market share, and margin/cash-burn guidance.
- Track category-wise subscription, especially QIB and non-institutional investor participation, through the final day.
- Assess grey-market premium and any late changes in anchor or institutional demand for indications of expected listing performance.
- Compare implied IPO valuation with listed EV and two-wheeler peers, focusing on sales growth, gross margin trajectory, cash burn, and path to profitability.
- Monitor whether rival OEMs respond with pricing, financing, dealership expansion, or new-model launches that could pressure Ather's post-listing growth narrative.