Resurfacing an April 2025 move: Ather Energy IPO hit 28% subscription on Day 2, retail tranche fully booked
Resurfacing details from Ather Energy's April 2025 IPO: the issue was 0.24x–0.28x subscribed by Day 2, according to the update, while the retail investor portion reached full subscription. The split pointed to stronger early demand from retail investors than from the overall book.
What happened
Ather Energy’s IPO was reported 28% subscribed on its second day, with another cited figure of 0.24x subscription. The retail investor portion was fully
Key facts
- 28% overall subscription on Day 2
- 0.24x subscription
- Retail portion 100% subscribed
Why this matters
The split between strong retail participation and modest total subscription may temper near-term valuation expectations for EV-sector transactions and strategic financing.
What to watch
- Final-day overall subscription multiple and whether QIB demand exceeds the issue size.
- NII/HNI subscription level, indicating leverage-backed appetite beyond retail.
- Anchor investor quality and any disclosed institutional allocations.
- Changes in grey-market premium or secondary-market EV-equity sentiment before listing.
- Broader Indian equity-market volatility and risk appetite on the listing date.
- Any revised disclosures or commentary on losses, margins, vehicle recalls, subsidies, or battery-supply costs.
- Track category-wise bids on the final subscription day, especially QIB and NII/HNI participation.
- Monitor grey-market premium direction as an imperfect indicator of expected listing demand.
- Compare implied IPO valuation with listed two-wheeler EV peers and traditional motorcycle manufacturers.
- Watch management commentary on cash burn, unit economics, capacity expansion, and use of IPO proceeds.
- Prepare post-listing monitoring for delivery volumes, market share, dealer expansion, and competitive pricing actions from Ola Electric, TVS, Bajaj, and Hero MotoCorp.