Resurfacing an April 2025 move: Ather Energy IPO reached 28% subscription on Day 2; retail quota fully booked
Ather Energy's IPO was subscribed 28% by the close of Day 2 of bidding on April 29, 2025, while the retail investor portion reached 100% subscription.
What happened
Ather Energy’s IPO was 28% subscribed by the end of its second bidding day, with the retail investor portion fully subscribed at 100%.
Key facts
- 28% overall subscription
- 100% retail portion subscribed
- Day 2 of bidding
- April 29, 2025
Why this matters
The split between fully booked retail demand and softer overall subscription highlights Ather’s consumer-brand appeal while underscoring the need for credible scale, profitability, and strategic-partnership narratives.
What to watch
- Final overall subscription above 1x, with QIB demand above 1x.
- A substantial late-day QIB bid versus continued under-subscription in the institutional category.
- Grey-market premium sustaining or expanding through allotment and listing.
- IPO pricing at the upper end despite weak non-retail participation.
- Post-listing quarterly data showing improving gross margin, reduced losses or stronger-than-expected vehicle deliveries.
- Any sectorwide deterioration in electric two-wheeler registrations, discounting or competitive price cuts.
- Track final-day QIB, NII/HNI and employee subscription separately from retail demand.
- Monitor grey-market premium and whether it rises after final subscription data; a falling premium would indicate retail demand is not translating into broader conviction.
- Watch management messaging on unit economics, gross-margin expansion, manufacturing utilization and the timing of profitability.
- Compare Ather's implied valuation and sales multiples with listed two-wheeler peers, especially Ola Electric and legacy OEM EV businesses.
- Monitor post-listing dealer expansion, new model launches and charging-network investments, which could increase cash-burn concerns if demand growth softens.