Resurfacing an April 2025 update: Ather Energy IPO's retail tranche was fully subscribed by Day 2
Ather Energy's IPO was subscribed about 0.24x overall by Day 2 of bidding, while the retail investor portion was fully booked, according to an April 29 update now resurfacing.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, with overall demand at 0.24x. The retail investor portion was fully booked, according to an
Key facts
- 28% overall subscription by Day 2
- 0.24x issue subscription
- Retail portion booked 100%
Why this matters
The split demand profile highlights Ather’s brand appeal with retail investors while underscoring the need to demonstrate a clearer profitability and growth case to attract larger strategic and financial capital.
What to watch
- Final subscription multiple and QIB participation level.
- Anchor book quality and concentration of long-only institutional investors.
- Subscription at the upper price band versus cut-off bidding patterns.
- Grey-market premium direction before allotment and listing.
- Management commentary on use of proceeds, manufacturing capacity, dealer expansion and path to profitability.
- Listing-day turnover, institutional buying and the stock's ability to hold issue price.
- Track final-day QIB, NII and employee-book subscription separately from retail demand.
- Watch whether bids cluster at the upper end of the price band, indicating stronger price conviction.
- Compare implied valuation with listed two-wheeler and EV peers, especially profitability, market-share and execution benchmarks.
- Monitor grey-market premium and anchor-investor participation for near-term listing sentiment.
- Expect competitors and EV suppliers to use a successful issue as a reference point for fundraising, partnerships and capacity expansion.