Resurfacing Ather Energy's April 2025 IPO: 28% subscription by Day 2, retail book fully subscribed
Back in late April 2025, Ather Energy's IPO had drawn bids for 0.28 times the shares on offer by Day 2. The retail investor portion was fully subscribed at the time, signalling stronger individual-investor demand than the overall book.
What happened
Ather Energy’s IPO was 28% subscribed on its second day, with bids for 0.24 times the offered shares. The retail investor portion was fully subscribed,
Key facts
- 28% overall subscription by Day 2
- 0.24x bids for shares on offer
- 100% retail portion subscription
- April 29, 2025
Why this matters
Robust retail participation gives Ather a favorable consumer-brand signal, though sub-one-times overall demand may temper valuation expectations in EV partnership or acquisition discussions.
What to watch
- Day 3 QIB and NII subscription acceleration relative to the fully subscribed retail category.
- Final overall subscription multiple and whether the issue crosses 1x comfortably.
- Grey-market premium direction and any change in indicated listing premium.
- Broader Indian equity-market volatility, especially performance of auto, EV, and high-growth stocks.
- Management commentary on valuation, losses, market-share trajectory, and planned use of proceeds.
- Lead managers are likely to intensify outreach to QIBs and high-net-worth investors during the final subscription window.
- Ather may emphasize growth in electric-scooter penetration, charging infrastructure, technology differentiation, and use of IPO proceeds to support valuation confidence.
- Retail investors may increase applications if subscription momentum and grey-market sentiment improve before close.
- Competing EV and auto issuers may monitor the institutional response as a read-through for India’s new-economy capital-markets appetite.