Ather Energy IPO sees 28% subscription by Day 2
Ather Energy’s IPO was subscribed 28% by the second day of bidding, signalling measured early demand for the electric two-wheeler maker’s public issue.
What happened
Ather Energy’s IPO was 28% subscribed by the second day of bidding, according to an update.
Key facts
- 28% subscribed by Day 2
Why this matters
Ather’s muted early IPO demand may provide a useful valuation benchmark for EV mobility deals, with strategic buyers likely to prioritize proven scale and profitability pathways.
What to watch
- Final subscription crossing 1x overall and meaningful QIB oversubscription.
- A sharp late move in the grey-market premium or broader Indian equity-market risk appetite.
- Issue price discovery near the top versus bottom of the price band.
- Monthly electric two-wheeler registration data and Ather share trends versus Ola Electric, TVS and Bajaj.
- Management commentary on path to profitability, capex requirements and use of IPO proceeds.
- Track final-day category-wise subscription, especially QIB participation and the non-institutional book.
- Compare issue valuation with listed two-wheeler peers and EV-market leader multiples to gauge post-listing downside risk.
- Assess grey-market premium direction, anchor investor quality and any revisions to analyst estimates.
- Prepare post-listing monitoring around monthly registrations, market share, gross margin trajectory, cash usage and dealer/charging-network additions.