Resurfacing an April 2025 milestone: Ather Energy IPO hit 28% subscription on Day 2; retail quota fully booked
Revisiting Ather Energy's IPO, which had drawn 28% overall subscription by the second day of bidding on April 29, 2025, while the retail-investor portion was subscribed in full.
What happened
Ather Energy’s IPO was subscribed 28% on its second day of bidding, while the retail investor portion was fully subscribed at 100%.
Key facts
- 28% overall subscription
- 100% retail portion subscription
- Day 2
- April 29, 2025
Why this matters
The IPO response supports Ather’s strategic value as a recognized EV brand, while the weak overall book suggests buyers should scrutinize valuation and broader capital-market appetite.
What to watch
- Overall subscription crossing 1x before close and QIB subscription accelerating late in the bookbuild.
- Final subscription multiple for QIBs versus retail; a retail-heavy book would imply greater listing-day volatility.
- Grey-market premium sustaining or weakening after final bidding.
- IPO pricing at the upper band and size of any anchor allocation.
- Monthly Ather registrations, market-share movement, delivery lead times and gross-margin/profitability commentary after listing.
- Electric two-wheeler subsidy, battery-policy or charging-infrastructure changes that alter demand economics.
- Track final-day QIB, NII/HNI and employee subscription separately from retail demand.
- Watch the final issue price, valuation versus Ola Electric and established two-wheeler peers, and any reduction in offer-for-sale versus fresh-capital proceeds.
- Monitor grey-market premium direction and anchor-investor lock-in/ownership disclosures ahead of listing.
- Expect IPO proceeds to support store expansion, manufacturing capacity, R&D and working capital, increasing competitive pressure on Ola Electric, TVS, Bajaj and Hero MotoCorp.
- Watch whether rivals respond with financing offers, discounts, new model launches or dealer-network investments in the electric scooter segment.