Resurfacing April 2025: Ather Energy IPO had reached 28% subscription on Day 2
Ather Energy’s IPO had drawn 28% subscription by the second day of bidding back in late April 2025, offering an early read on investor appetite for India’s electric two-wheeler market.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, indicating investor demand for the Indian electric two-wheeler consumer brand.
Key facts
- 28% subscription by Day 2
Why this matters
Ather’s tempered early IPO demand may keep valuation expectations grounded, creating a useful benchmark for partnerships, acquisitions, and strategic investments across India’s EV mobility ecosystem.
What to watch
- Day-3 and final subscription split across QIB, NII, and retail categories
- Anchor investor roster, allocation concentration, and any changes in grey-market premium
- Final issue-price positioning versus the offered valuation range
- Ather disclosures on losses, gross-margin trajectory, cash runway, capex, and sales growth
- Post-listing trading volume and whether shares hold issue price during the first week
- Responses from Ola Electric, Bajaj, TVS, Hero MotoCorp, and other EV two-wheeler competitors on pricing and launch cadence
- Ather may intensify IPO marketing around market-share gains, product pipeline, charging-network scale, and improving unit economics.
- Competing EV two-wheeler makers may defer fundraising, lower valuation expectations, or emphasize profitability over rapid expansion if Ather's book remains soft.
- Deal managers may rely more heavily on institutional allocation and anchor participation than on retail momentum.
- Publicly traded auto and component investors may reassess exposure to EV suppliers, battery makers, dealers, and charging infrastructure based on Ather's final demand and listing performance.