Resurfacing Ather Energy's April 2025 IPO: 28% subscription on Day 2
Resurfacing a months-old milestone: Ather Energy's IPO had been subscribed 28% by the second day of bidding on April 29, 2025, offering an early read on investor demand for the electric two-wheeler retailer and manufacturer.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding, according to an April 29, 2025 update.
Key facts
- 28% subscription
- Day 2
- April 29, 2025
Why this matters
Ather’s moderate Day 2 subscription provides a market-based benchmark for EV two-wheeler valuations and public-investor appetite for the category.
What to watch
- Final-day subscription split across QIB, NII/HNI, retail and employee categories
- Anchor-book quality and allocation concentration
- Grey-market premium and any revision in implied listing expectations
- Issue-price valuation versus Ola Electric, TVS Motor, Bajaj Auto and Hero MotoCorp
- Listing-day turnover, closing price and institutional ownership changes
- Monthly Ather registrations, market share, discounting and dealer additions after listing
- Ather and book-running banks are likely to intensify institutional outreach and emphasize market-share gains, premium positioning, proprietary charging infrastructure and use of proceeds.
- Investors will compare Ather's valuation and losses with Ola Electric's post-listing performance and incumbent two-wheeler manufacturers' EV businesses.
- Dealers may defer expansion commitments if the listing is weak, while a successful raise would support additional experience centers, service capacity and charging deployment.
- Rivals may use any weak debut to reinforce their own financing, pricing or model-launch campaigns in key urban EV markets.