Resurfacing an April 2025 move: Ather Energy IPO had reached 28% subscription by Day 2
Ather Energy's IPO had received 28% subscription by the second day of bidding on April 29, 2025, signalling measured overall investor demand as the electric-scooter maker pursued a public listing — a detail now resurfacing from that period.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, according to an April 29, 2025 update.
Key facts
- 28% subscription by Day 2
- April 29, 2025
Why this matters
Ather’s measured IPO demand may temper EV-sector comparables and reinforce the need for strategic buyers to prioritize scalable economics over growth narratives.
What to watch
- Final subscription multiple and category mix at issue close
- QIB subscription level relative to retail demand
- Anchor investor composition and any concentration among long-only institutions
- IPO price-band valuation versus incumbent two-wheeler manufacturers and other EV businesses
- Grey-market premium and its movement before allotment
- Listing-day turnover, institutional buying and price performance
- Ather's quarterly deliveries, gross-margin trajectory, cash burn and dealer-network expansion after listing
- Competitive responses from Ola Electric, TVS, Bajaj and Hero MotoCorp in pricing, launches and distribution
- Track final-day QIB, NII and retail subscription separately; the institutional book will be the clearest signal for post-listing support.
- Watch grey-market premium direction, but discount it if it diverges from QIB demand.
- Assess whether the company adjusts marketing emphasis toward market-share growth, product launches and path-to-profitability after listing.
- Expect listed peers and EV suppliers to use Ather's pricing and debut performance as a benchmark for future fundraising valuations.
- Monitor whether a muted IPO outcome makes private EV and mobility investors demand lower valuations or stronger profitability milestones.