Resurfacing: Ather Energy IPO hit 28% subscription on Day 2 back in April 2025
Old data resurfaces showing Ather Energy's public issue was subscribed 28% by the close of Day 2 on April 29, 2025, offering an early read at the time on investor appetite for the Indian electric two-wheeler maker.
What happened
Ather Energy’s IPO was subscribed 28% by the end of Day 2 on April 29, 2025, indicating investor demand for the Indian electric two-wheeler company’s public
Key facts
- 28% subscription
- Day 2
- April 29, 2025
Why this matters
The muted early subscription provides a live valuation benchmark for Indian electric two-wheeler assets and may strengthen buyers’ leverage in partnership or acquisition discussions.
What to watch
- Final subscription multiple and category split on the closing day
- QIB bid book quality, anchor investor retention and domestic-versus-foreign institutional participation
- Grey-market-premium direction before listing
- Final issue price relative to the stated price band
- Listing-day opening, closing price and traded-volume pattern
- Monthly electric two-wheeler registrations and Ather market-share trend after the IPO
- Competitor discounting, product launches and subsidy-policy changes affecting EV demand
- Track final-day category-wise subscription, especially QIB and non-institutional demand rather than headline subscription alone.
- Monitor whether Ather prices at the top or lower end of the band and whether any discretionary allocation or issuance terms are adjusted.
- Prepare for a discounted or volatile listing if retail participation remains low, with read-through effects for Ola Electric, TVS Motor, Bajaj Auto, Hero MotoCorp and EV-component vendors.
- Watch management messaging on use of proceeds, operating-loss trajectory, capacity expansion and competitive response to recent electric-scooter price cuts.
- Assess whether a weak IPO outcome delays funding plans or lowers valuation expectations for private Indian EV and battery-startup fundraising.