Resurfacing April's Ather Energy IPO: Day 2 subscription hit 28%, retail tranche fully subscribed
Resurfacing a report from April 29, 2025: Ather Energy's IPO was 28% subscribed on the second day of bidding, with the retail investor portion fully subscribed. The source also cited an overall subscription figure of 0.24x, indicating a minor discrepancy in interim reporting.
What happened
Ather Energy’s IPO was 28% subscribed on the second bidding day, while the retail investor portion was fully subscribed. The source also cited overall
Key facts
- 28% overall subscription by day 2
- Retail portion 100% subscribed
- 0.24x overall subscription cited
Why this matters
Retail enthusiasm validates Ather’s market visibility, while the still-building overall order book may shape IPO valuation benchmarks for EV partnerships, investments, and M&A.
What to watch
- Overall subscription crossing 1x before close of bidding.
- QIB tranche reaching full subscription or accelerating sharply on the final day.
- Anchor investor quality and concentration.
- Changes in grey-market premium versus the upper issue price.
- Updated monthly EV two-wheeler registrations, especially Ather's market-share trend relative to Ola Electric, TVS, Bajaj, and Hero MotoCorp.
- Any disclosure on losses, gross-margin trajectory, dealer economics, recalls, or supply-chain costs.
- Track final-day QIB and NII subscription levels, which are more consequential than the already-covered retail tranche for final book quality.
- Monitor whether the issue price band, anchor allocation, or offer structure changes in response to institutional demand.
- Compare implied valuation and revenue multiples with listed two-wheeler EV peers and broader auto-sector IPO benchmarks.
- Watch grey-market premium direction cautiously as an early indicator of expected listing sentiment.
- Assess post-IPO use of proceeds for manufacturing capacity, retail expansion, battery technology, and working-capital needs.