Resurfacing an April 2025 IPO update: Ather Energy hit 0.24x subscription on Day 2, retail quota fully booked
Resurfacing a move from April 29, 2025 — Ather Energy's IPO had drawn about 0.24x overall subscription by the second day of bidding, while the retail investor portion was fully subscribed. The demand split signaled stronger early participation from retail investors than from the overall book.
What happened
Ather Energy’s IPO was subscribed 28% by the second bidding day, with overall demand at 0.24x. The retail investor portion was fully subscribed at 100%.
Key facts
- 28% subscribed by Day 2
- 0.24x overall subscription
- Retail portion 100% booked
Why this matters
The retail-led IPO response validates Ather’s market visibility and could support partnership interest, though subdued overall subscription tempers valuation confidence.
What to watch
- Final overall subscription above 1x, especially a meaningful QIB oversubscription.
- NII demand improving materially on the final bidding day.
- Grey-market premium holding or rising after book closure.
- IPO pricing at the upper end without a corresponding increase in institutional demand.
- Post-listing volume, delivery percentages and ability to sustain trading above issue price.
- Track final-day QIB and NII subscription acceleration rather than retail demand alone.
- Assess whether the issue price and implied valuation leave room for listing gains relative to listed two-wheeler and EV peers.
- Monitor grey-market premium direction, anchor investor participation and any revisions to analyst valuation commentary.
- Watch for Ather dealer, supplier and competitor responses if IPO proceeds strengthen expansion, charging infrastructure and marketing investment.