Resurfacing: Ather Energy IPO reached 28% subscription on Day 2 (April 29); retail quota was fully subscribed
Resurfacing an April 2025 update: Ather Energy's IPO was subscribed 28% by the second day of bidding on April 29, 2025, while the retail investor portion reached full subscription.
What happened
Ather Energy’s IPO was subscribed 28% by the second bidding day, with the retail investor quota fully subscribed at 100%.
Key facts
- 28% overall subscription
- 100% retail investor portion subscription
- Day 2 of bidding
- April 29, 2025
Why this matters
Ather’s retail-led IPO traction reinforces that EV-focused businesses can access public capital, though sub-one-times overall demand may temper valuation expectations for sector deals.
What to watch
- Overall subscription crossing 1x, especially through late QIB participation.
- QIB portion reaching full subscription or multiple-times coverage.
- A significant widening or collapse in the grey-market premium before allotment.
- Listing-day price versus issue price and first-week trading liquidity.
- Updated Ather delivery volumes, market-share trends and gross-margin/cash-flow guidance after the IPO.
- Competitive pricing, incentives or new model launches from Ola Electric, TVS, Bajaj and Hero MotoCorp.
- Monitor final-day QIB and non-institutional investor subscription separately from retail demand.
- Track grey-market premium and any changes in issue-price sentiment ahead of listing.
- Watch management commentary on use of proceeds, manufacturing expansion, dealer network additions and cash-burn reduction.
- Compare listing performance with valuation expectations for Ola Electric and other listed Indian EV and auto OEM competitors.
- Assess whether suppliers and charging partners announce capacity or partnership plans following the capital raise.