Resurfacing an April 2025 milestone: Ather Energy IPO saw retail portion fully booked on Day 2
Ather Energy's IPO, which took place in late April 2025, was subscribed about 0.24x to 0.28x by the second day of bidding, with the retail investor portion fully subscribed, signalling stronger demand from individual investors than from other categories.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, equivalent to 0.24 times the issue size. The retail investor portion was fully booked.
Key facts
- 28% subscribed
- 0.24x subscribed
- Retail portion 100% booked
Why this matters
Ather’s retail-heavy IPO interest supports brand visibility in EVs, while muted broader participation may temper valuation expectations for peers and potential deal targets.
What to watch
- QIB portion reaching or failing to reach full subscription before close.
- Overall subscription rising materially above 1x, particularly through final-day institutional orders.
- Changes in grey-market premium ahead of allotment and listing.
- Any equity-market volatility, risk-off move, or negative EV-sector news during the IPO window.
- Final issue price, allocation mix, and anchor lock-in composition.
- Listing-day delivery volumes and institutional buying versus retail-driven turnover.
- Track category-wise subscription through the final bidding day, especially QIB and NII/HNI participation.
- Assess whether anchor investor participation and institutional bids indicate confidence in Ather's valuation versus listed EV peers.
- Monitor grey-market premium and IPO financing activity for indications of expected listing gains.
- Watch management communication on margin expansion, production scale, dealer expansion, battery sourcing, and path to profitability.
- Compare post-issue market capitalization and valuation multiples with Ola Electric and conventional two-wheeler manufacturers.