Ather Energy IPO sees retail portion fully subscribed on Day 2
Ather Energy’s IPO was subscribed about 0.24x overall on the second day of bidding, while the retail investor portion was fully booked, signalling early consumer-investor interest in the Indian electric two-wheeler maker.
What happened
Ather Energy’s IPO had been subscribed 28% so far on the second day of bidding, indicating early investor demand for the Indian electric two-wheeler maker.
Key facts
- 28%
- Day 2
Why this matters
Ather’s retail pull underscores the strategic value of consumer-facing EV brands, though subdued total demand may temper near-term valuation benchmarks for sector deals.
What to watch
- QIB subscription acceleration on the final bidding day
- Overall subscription crossing 1x with broad category participation
- NII demand improving beyond retail-only support
- Grey-market premium widening or turning negative
- Any revision in reported losses, sales volumes, market-share trends, or risk disclosures
- Competitor pricing actions from Ola Electric, TVS, Bajaj, Hero MotoCorp, and Honda
- Track daily QIB, NII, and employee-category subscription rather than retail demand alone.
- Assess grey-market premium and its direction against the IPO price band as an indicator of near-term listing expectations.
- Compare Ather's valuation, margins, delivery volumes, and losses with listed EV peers and incumbent two-wheeler manufacturers.
- Monitor whether competitors increase discounts, launch models, or expand charging networks during the IPO window.
- Watch for post-IPO use of proceeds toward manufacturing capacity, retail expansion, R&D, and charging infrastructure, which could raise near-term cash needs before improving scale.