Resurfacing an April move: Ather Energy IPO hit 28% subscription on Day 2
Back in late April 2025, the electric two-wheeler maker's IPO was subscribed 28% by the second day of bidding, signalling measured investor demand as Ather Energy progressed toward listing.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, according to an April 29, 2025 update. The electric two-wheeler maker’s public issue
Key facts
- 28%
- Day 2
- April 29, 2025
Why this matters
Ather’s IPO demand provides an early valuation and investor-sentiment benchmark for EV two-wheeler partnerships, acquisitions and capital-raising discussions.
What to watch
- Day-3 and final-day subscription split across QIB, non-institutional and retail categories
- Any change in grey-market premium or informal demand indicators
- Anchor-investor quality, concentration and lock-in details
- Price-band valuation versus established two-wheeler manufacturers and other growth-stage EV companies
- Updated disclosures on losses, gross margins, cash burn, capacity utilization and vehicle-delivery momentum
- Broader Indian IPO-market risk appetite and public-market performance of auto and EV-related stocks
- Ather and its book-running managers will intensify outreach to domestic institutions, high-net-worth investors and retail channels before the bidding deadline.
- Management communication will likely emphasize revenue growth, market-share trajectory, charging-network expansion and the path toward improved unit economics.
- Investors may demand clearer valuation comparisons against listed auto OEMs and EV peers, increasing sensitivity to any revisions in grey-market or secondary-market sentiment.
- A softer book could constrain pricing power and raise the likelihood of a cautious listing strategy focused on ensuring issue completion rather than maximizing valuation.