Resurfacing April 2025 move: Ather Energy IPO had reached 28% subscription on Day 2, with retail tranche fully booked

Resurfacing a report from April 29, 2025: Ather Energy's IPO was subscribed 28% on the second day of bidding, with the retail investor portion fully subscribed. Overall demand remained below full subscription, underscoring a retail-led response to the EV maker's public-market debut.

— FiledTue, 25 Aug, 2026, 13:16 IST·First seen Tue, 25 Aug, 2026, 13:16 IST·Source Inc42 · Quick Commerce

What happened

Ather Energy’s IPO was subscribed 28% on the second day of bidding, while the retail investor portion was fully subscribed. The issue had previously been

Key facts

  • 28%
  • 100%
  • 0.24x
  • April 29, 2025

Why this matters

Ather’s retail-led IPO traction validates brand resonance in India’s EV market, while weak overall subscription may temper near-term valuation benchmarks for sector peers.

What to watch

  • Final-day QIB and NII/HNI subscription levels versus the already-filled retail tranche
  • Anchor investor quality, allocation concentration and any late disclosed institutional commitments
  • Issue-price band versus peer EV, auto and consumer-growth valuation multiples
  • Grey-market premium direction and its divergence from official subscription data
  • Post-issue capital allocation details, including manufacturing expansion, R&D, charging ecosystem spending and debt reduction
  • Monthly Ather registrations, market share and margin trajectory relative to Ola Electric, TVS, Bajaj and Hero MotoCorp
  • Bookrunners are likely to intensify outreach to domestic institutions, mutual funds and long-only investors before the final bidding window.
  • Ather may emphasize its premium-brand positioning, expanding distribution footprint, battery technology and path toward improved unit economics to address profitability concerns.
  • Investors will compare the issue valuation against listed two-wheeler and EV peers, with particular focus on cash burn, market-share durability and competitive pressure.
  • Strong final-day subscription could encourage other late-stage Indian EV and mobility companies to revisit IPO timing; weak QIB participation could delay them.