Resurfacing an April 2025 update: Ather Energy IPO reached 28% subscription on Day 2; retail quota fully booked
Resurfacing a report from April 29, 2025: Ather Energy’s IPO was 28% subscribed on its second day of bidding, with the retail investor portion fully booked. The linked update also cited overall subscription of 0.24x, indicating figures may reflect different reporting cut-offs.
What happened
Ather Energy’s IPO was reported 28% subscribed on its second day, while the source URL cited 0.24x overall subscription and full booking of the retail investor
Key facts
- 28% subscribed on Day 2
- 0.24x overall subscription
- Retail portion 100% booked
Why this matters
Ather’s retail-led IPO interest reinforces the strategic value of differentiated EV brands, while muted aggregate demand may temper near-term valuation benchmarks for sector deals.
What to watch
- Final subscription above 1x overall, with QIB book meaningfully subscribed.
- QIB subscription remaining below 1x near close despite full retail participation.
- A sustained positive or sharply weakening grey-market premium before allotment.
- Management commentary on profitability timeline, battery sourcing, and funding needs after the IPO.
- Monthly electric-scooter registration data and Ather market-share movement relative to Ola Electric, TVS, Bajaj, and Hero MotoCorp.
- Monitor category-wise subscription on the final day, especially QIB and non-institutional demand versus retail.
- Track grey-market premium and any changes in it as a directional, non-binding read on expected listing demand.
- Compare issue valuation with listed two-wheeler peers and assess whether Ather's premium is supported by sales growth, gross-margin trajectory, and distribution expansion.
- Watch competitors' dealer incentives, new model launches, and price cuts; a post-IPO competitive response could raise Ather's customer-acquisition and margin pressure.
- Follow use-of-proceeds execution, particularly manufacturing capacity, R&D, debt reduction, and retail network expansion.