Resurfacing April Move: Ather Energy IPO Saw 28% Subscription on Day 2 of Bidding
Resurfacing a April 29, 2025 update: Ather Energy’s IPO was subscribed 28% by the second day of bidding, offering an early indicator of investor demand for the Indian electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% on the second day of bidding, providing an early read on investor demand for the Indian electric two-wheeler company.
Key facts
- 28%
- Day 2
Why this matters
Ather’s bookbuild provides a useful valuation and investor-sentiment benchmark for EV two-wheeler partnerships, acquisitions and potential sector financing.
What to watch
- Final-day total subscription, especially QIB and non-institutional investor participation
- Anchor investor quality and concentration
- Grey-market premium direction before listing
- IPO pricing relative to Ola Electric's market performance and valuation multiples
- Ather's monthly registrations, market-share trend and dealer expansion after listing
- Evidence of margin improvement, battery-cost reductions and lower cash burn in subsequent earnings disclosures
- Ather and its lead bankers are likely to emphasize premium-brand positioning, technology differentiation, expanding retail footprint and improving unit economics to counter valuation concerns.
- Competing electric two-wheeler companies may moderate near-term fundraising expectations if the IPO closes weakly or lists below issue price.
- Public-market investors will increasingly compare Ather's delivery growth, gross margin trajectory and cash burn with Ola Electric and incumbent two-wheeler manufacturers.
- A weak outcome could make later-stage EV startups more reliant on private capital, structured financing or delayed IPO timelines.