Resurfacing April 29 update: Ather Energy IPO reached 28% subscription on Day 2
Ather Energy’s IPO was subscribed 28% by the second day of bidding, according to a resurfacing April 29 update, offering an early read on investor appetite for the electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, according to an April 29, 2025 update.
Key facts
- 28% subscription
- Day 2
- April 29, 2025
Why this matters
Ather’s IPO demand signal provides a live valuation benchmark for electric two-wheeler peers and potential partners, with final subscription trends likely to shape sector deal appetite.
What to watch
- Final subscription exceeds 1x overall, with QIB demand materially above retail demand.
- QIB subscription remains below 1x by close of bidding.
- Grey-market premium turns negative or compresses sharply before allotment.
- Ather revises dealer expansion, promotional spending, or capital-expenditure plans after listing.
- Competitor pricing actions from Ola Electric, TVS, Bajaj, Hero MotoCorp, or Honda intensify around the listing period.
- Monthly EV two-wheeler registration data shows either sustained Ather share gains or renewed share loss.
- Track Day 3 category-wise subscription, especially QIB and non-institutional investor books, rather than total subscription alone.
- Assess issue valuation against listed two-wheeler incumbents using sales growth, gross margin trajectory, EBITDA path, and market-share trends.
- Monitor grey-market premium and anchor investor quality for indications of likely listing performance.
- Watch whether a weak or discounted listing causes EV peers, battery suppliers, charging firms, and startup funding candidates to postpone capital raises or reset valuations.