Resurfacing an April 2025 move: Ather Energy IPO retail quota was fully subscribed by Day 2
Resurfacing details from Ather Energy's April 2025 IPO: the retail portion was fully subscribed on Day 2, while overall demand remained below full subscription. The source cited 28% Day 2 subscription and separately reported overall subscription at 0.24x.
What happened
Ather Energy’s IPO was subscribed 28% on its second day, with the retail investor quota fully booked. The cited source also reported overall subscription of
Key facts
- Day 2 subscription: 28%
- Overall subscription: 0.24x
- Retail portion subscription: 100%
- Published: April 29, 2025
Why this matters
Ather’s retail-book momentum may strengthen its capital-markets profile, but softer overall demand could constrain valuation expectations and deal leverage.
What to watch
- Final subscription split across QIB, NII/HNI, and retail categories
- Anchor investor participation and quality of institutional names
- Grey-market premium direction ahead of listing
- Any IPO price-band revision, extension, or additional management commentary on profitability
- Listing-day volume, opening premium or discount, and early institutional selling
- Updates on Ather deliveries, market share, margins, and competitive pricing from Ola Electric, TVS, Bajaj, and Hero MotoCorp
- Ather and its bankers are likely to intensify investor outreach around market-share gains, product pipeline, charging network expansion, and improving unit economics.
- Institutional investors may wait for final-day price discovery, peer valuation comparisons, and anchor-book signals before committing.
- Rival EV manufacturers may use any weak post-listing performance to argue that public markets remain selective toward cash-burning two-wheeler EV businesses.
- Retail brokerage platforms may amplify subscription updates, potentially drawing late retail applications while also increasing expectations for listing gains.