Resurfacing a April 2025 milestone: Ather Energy IPO had reached 28% subscription on Day 2; retail quota was fully booked
Ather Energy’s IPO was subscribed 28% by the close of Day 2 on April 29, 2025, with the retail investor portion fully subscribed. The split had pointed to stronger early demand from individual investors than the overall book.
What happened
Ather Energy’s IPO was subscribed 28% by the end of its second day, April 29, 2025. The retail investor portion was fully subscribed.
Key facts
- 28% subscribed by day two
- Retail portion fully booked at 100%
- April 29, 2025
Why this matters
The retail-led IPO demand strengthens Ather’s strategic credibility with partners, though the incomplete overall book tempers near-term deal-readiness signals.
What to watch
- Final overall subscription above 1x, particularly a meaningful QIB oversubscription.
- NII/HNI demand improving late in the book-building process.
- Issue price finalized at or near the upper end of the price band.
- Anchor allocations to credible domestic mutual funds and global long-only investors.
- Broad equity-market volatility or a risk-off move before listing.
- Early monthly vehicle-registration data showing Ather gaining or losing share against Ola, TVS, Bajaj, and Hero.
- Track final-day QIB, NII/HNI, employee, and retail subscription changes, with QIB participation the key quality signal.
- Assess anchor-investor composition and any late institutional bidding for evidence of long-only support.
- Compare final valuation and issue price with Ola Electric, TVS Motor, Bajaj Auto, Hero MotoCorp, and listed EV/supplier peers.
- Monitor grey-market premium cautiously for directional sentiment rather than as a reliable listing-price forecast.
- Watch use-of-proceeds execution, especially manufacturing capacity, R&D, charging infrastructure, and debt reduction after listing.