Resurfacing an April 2025 move: Ather Energy IPO reached 28% subscription on Day 2, retail quota fully subscribed
Revisiting Ather Energy's April 2025 IPO, which was subscribed 28% by Day 2, with the retail investor portion fully subscribed, signalling stronger demand from individual investors than overall book participation at the time.
What happened
Ather Energy’s IPO was 28% subscribed by the second day, while the retail investor portion was fully subscribed.
Key facts
- 28% subscribed by Day 2
- Retail portion 100% subscribed
Why this matters
The split between retail and overall demand indicates Ather has consumer-brand traction, while strategic partners should await clearer evidence of institutional confidence.
What to watch
- QIB subscription accelerating above 1x on the final bidding day.
- NII/HNI demand moving from under-subscription toward full subscription.
- Final overall subscription level and bid concentration at the upper price band.
- Changes in grey-market premium before allotment and listing.
- Market-share data versus Ola Electric, TVS, Bajaj and other electric two-wheeler competitors.
- Management guidance on production scale, new model launches, charging network expansion and profitability timeline.
- Track final-day subscription by QIB, NII and employee categories rather than headline subscription alone.
- Assess whether anchor investors, mutual funds and domestic institutions are participating at the upper end of the price band.
- Expect Ather and its bankers to emphasize retail traction and EV-market leadership in final marketing to encourage late institutional orders.
- Monitor whether competing EV-two-wheeler stocks and broader IPO-market conditions affect expected listing gains.
- After listing, watch quarterly delivery growth, gross-margin trajectory, dealer expansion and cash-burn reduction, as these will determine whether retail enthusiasm persists.