Resurfacing an April 2025 update: Ather Energy IPO had reached 28% subscription on Day 2; retail tranche fully subscribed
Resurfacing details from Ather Energy's IPO bidding window that closed in late April 2025: the issue had drawn 28% overall subscription by the second day of bidding, while the retail investor portion was fully subscribed, signalling stronger demand from individual investors than from the broader book.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, while the retail investor portion was fully subscribed.
Key facts
- 28% overall subscription
- 100% retail portion subscription
- April 29, 2025
Why this matters
The split subscription profile validates Ather’s consumer brand appeal while underscoring the need to broaden institutional confidence in its growth and profitability story.
What to watch
- Final-day overall subscription level, especially QIB and non-institutional investor demand.
- Any revision in grey-market premium ahead of allotment and listing.
- IPO price-band valuation relative to revenue growth, unit economics, and listed EV peers.
- Ather's quarterly vehicle-delivery trends, gross-margin trajectory, and cash-burn disclosures.
- Competitive pricing or incentive actions from Ola Electric, TVS, Bajaj, Hero MotoCorp, and other electric two-wheeler makers.
- Ather and lead managers are likely to emphasize retail participation and category-growth messaging to sustain final-day demand.
- Investors may compare Ather's valuation, losses, market share, and distribution economics against listed two-wheeler peers such as Ola Electric and incumbent manufacturers.
- Deal activity in Indian EV supply chains, charging, financing, and dealership networks could receive a sentiment boost if the IPO closes strongly.