Ather Energy IPO sees 28% subscription on Day 2 of bidding
Ather Energy’s initial public offering was subscribed 0.28 times, or 28%, by the second day of bidding, signalling early investor demand for the electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, according to the update.
Key facts
- 28%
- Day 2
Why this matters
The muted early subscription rate may temper near-term EV-sector valuation expectations, creating a more selective environment for partnerships, acquisitions, and capital raises.
What to watch
- Final-day subscription split across QIB, non-institutional and retail categories
- Anchor investor quality, allocation concentration and any revision in price-band messaging
- Grey-market premium direction before allotment and listing
- Issue subscription relative to 1x and the extent of any underwriting or cornerstone support
- Ather's first reported post-listing vehicle deliveries, revenue growth, EBITDA trend and cash-burn trajectory
- Pricing actions, discounting or new launches by Ola Electric, TVS, Bajaj, Hero MotoCorp and other two-wheeler competitors
- Ather and book-running banks are likely to intensify investor outreach, emphasizing market share gains, product pipeline, distribution expansion and path toward improved margins.
- Retail investors may defer bids until the final bidding session, while institutional investors assess valuation against listed EV and two-wheeler peers.
- Competing EV makers may use a subdued response to reinforce pricing discipline and highlight their own profitability, scale or dealer-network advantages.
- Post-listing management focus will shift toward quarterly delivery growth, gross-margin improvement, cash burn and the utilization of IPO proceeds.