Ather Energy IPO sees 28% subscription by Day 2
Ather Energy’s IPO had drawn 28% subscription as of the second day of bidding, according to Inc42, offering an early read on investor demand for the electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% as of Day 2, according to Inc42.
Key facts
- 28%
- Day 2
Why this matters
Ather’s IPO demand trajectory offers a useful valuation and financing-market benchmark for EV two-wheeler peers considering capital raises or strategic transactions.
What to watch
- Final subscription multiple, especially QIB demand above or below 1x.
- Grey-market premium trend before allotment and listing.
- Anchor-investor quality and concentration.
- Listing-day price versus issue price and first-week trading volumes.
- Quarterly vehicle deliveries, market-share movement, gross margin, EBITDA loss, and operating cash burn after listing.
- Competitive pricing actions, financing offers, and new EV launches from Ola Electric, TVS, Bajaj, Hero MotoCorp, and Honda.
- Monitor final-day QIB, HNI/NII, retail, and employee subscription breakdowns rather than the blended subscription figure.
- Track whether the issue price is maintained, revised, or supported by anchor allocations and underwriting demand.
- Compare the eventual listing premium or discount with Ola Electric and broader Indian auto/EV market performance.
- Watch management commentary on use of proceeds, manufacturing expansion, dealer footprint, battery costs, and breakeven timing.
- Expect incumbent two-wheeler manufacturers to use any weak IPO outcome to emphasize balance-sheet strength and accelerate EV product launches or promotional activity.