Resurfacing: Ather Energy IPO's 28% Subscription on Day 2 (April 2025)
Resurfacing a April 2025 update: Ather Energy’s IPO was subscribed 28% by the end of the second day of bidding on April 29, 2025, signalling investor demand during the electric two-wheeler maker’s public offering.
What happened
Ather Energy’s IPO was subscribed 28% by the end of the second day of bidding, according to an April 29, 2025 update.
Key facts
- 28% subscribed
- Day 2
- April 29, 2025
Why this matters
The muted Day 2 subscription level may create a useful valuation benchmark for electric-mobility deals, with strategic buyers likely to prioritize differentiated technology, distribution, and after-sales capabilities.
What to watch
- Day 3 and final subscription levels, especially qualified institutional buyer participation
- Retail versus non-institutional investor demand and any late bidding surge
- Grey-market premium direction ahead of allotment and listing
- Issue pricing, valuation comparisons, and management commentary on use of proceeds
- Listing-day price performance and trading volumes
- Monthly electric two-wheeler registrations, market-share trends, and competitive pricing actions
- Changes to EV subsidies, battery-policy incentives, or financing conditions
- Bookrunners are likely to intensify institutional outreach and emphasize Ather's brand, distribution footprint, battery technology, and path toward scale.
- Investors will compare final demand across retail, non-institutional, and qualified institutional buyer categories rather than relying on the aggregate subscription figure.
- Ather may use successful IPO proceeds to support capacity expansion, working capital, new model launches, charging infrastructure, and retail-network growth.
- Competing EV manufacturers may reassess their own fundraising timing and valuation expectations based on Ather's final subscription and listing performance.