Resurfacing a late-April move: Ather Energy IPO had reached 28% subscription on Day 2; retail quota fully subscribed
Resurfacing an April 29, 2025 update: Ather Energy's IPO was subscribed 28% by the second day of bidding, while the retail investor portion had reached full subscription. The update signaled stronger retail-market participation than overall demand during the active offer period.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, with the retail investor portion fully subscribed at 100%.
Key facts
- 28% overall subscription by Day 2
- 100% retail portion subscription
- April 29, 2025
Why this matters
Ather’s IPO traction demonstrates retail-market interest in EV exposure, while muted overall demand may constrain valuation expectations for comparable mobility deals.
What to watch
- QIB subscription rising materially on the final bidding day
- Overall subscription crossing 1x, then 2x
- Non-institutional investor demand improving from current levels
- A sustained positive or sharply weakening grey-market premium
- Issue-price discovery at the upper versus lower end of the band
- Post-listing disclosures on monthly vehicle deliveries, gross margin, cash burn, and market-share trajectory
- Track final-day QIB and non-institutional subscription; these segments will determine whether retail enthusiasm becomes a broadly supported book.
- Monitor grey-market premium and any change in bid concentration near the upper price band for indications of listing expectations.
- Compare final valuation and proceeds use against listed EV and two-wheeler peers, especially spending on capacity, R&D, charging infrastructure, and working capital.
- Watch whether rival EV makers and suppliers use a successful listing to accelerate fundraising, expansion, or dealership investments.