Ather Energy IPO subscribed 0.24x on Day 2 as retail portion fills
Ather Energy’s IPO had reached 0.24 times subscription by the second day of bidding, with the retail investor portion fully subscribed, signalling early public-market interest in the electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, indicating early investor demand for the Indian electric two-wheeler brand.
Key facts
- 28%
- Day 2
Why this matters
The split subscription profile gives Ather a consumer-demand proof point while underscoring the need to strengthen its strategic and institutional investment narrative.
What to watch
- Overall subscription crossing 1x, particularly through late QIB bids.
- QIB subscription level at close and anchor-investor quality.
- Any revision in grey-market premium or analyst valuation commentary before allotment.
- Final issue price relative to the stated price band and any indications of institutional demand concentration.
- Post-listing delivery volumes, quarterly vehicle sales, market-share trends, and gross-margin/cash-flow disclosures.
- Track final-day QIB, NII/HNI, and employee subscription separately from retail demand.
- Monitor grey-market premium changes, but treat them as sentiment rather than a reliable pricing indicator.
- Watch management commentary on use of proceeds, cash burn, gross-margin trajectory, capacity expansion, and dealer-network economics.
- Benchmark implied valuation against listed EV and two-wheeler peers, especially on revenue growth, unit economics, and path to profitability.
- Prepare for post-listing volatility if retail allocation is high but institutional ownership remains limited.