Resurfacing an April 2025 update: Ather Energy IPO reached 0.28x subscription on Day 2; retail book fully subscribed
Resurfacing a move from April 29, 2025: Ather Energy’s IPO was subscribed 28% by the end of its second day, while the retail investor portion reached full subscription.
What happened
Ather Energy’s IPO was subscribed 28% (0.28x) by the end of its second day. The retail investor portion was fully subscribed, reaching 100%.
Key facts
- IPO subscribed 28% (0.28x) by Day 2
- Retail portion subscribed 100%
Why this matters
Ather’s IPO traction provides a useful valuation and demand benchmark for EV-sector fundraising, partnerships, and potential strategic transactions.
What to watch
- Final subscription multiple and the QIB/NII versus retail demand mix
- Any anchor-investor quality, concentration or last-minute institutional bids
- Changes in IPO price-band perception relative to listed auto, EV and two-wheeler peers
- Grey-market premium direction before allotment and listing
- Equity-market risk appetite and EV-policy or competitive developments
- Listing-day turnover, delivery volumes and whether the stock holds issue price after initial trading
- Track final-day QIB and NII subscription separately; these categories will determine whether retail enthusiasm translates into a broadly supported book.
- Monitor grey-market and secondary-market sentiment for Indian EV and auto names ahead of listing.
- Expect the company and lead managers to emphasize growth, market-share gains, distribution expansion and path-to-profitability if institutional demand needs reinforcement.
- Prepare for higher post-listing volatility if final subscription remains concentrated in retail rather than anchored by long-only institutions.