Resurfacing Ather Energy's April 2025 IPO: 28% subscription on Day 2 as retail tranche fully subscribed
Revisiting an April 2025 milestone: Ather Energy's IPO was subscribed 28% overall by April 29, 2025, its second day of bidding. The retail investor portion was fully subscribed, signalling stronger individual-investor demand than the overall book.
What happened
Ather Energy’s IPO was subscribed 28% by the second day of bidding on April 29, 2025, while the retail investor portion was fully subscribed.
Key facts
- 28% overall subscription
- 100% retail portion subscription
- Day 2
- April 29, 2025
Why this matters
The split between strong retail demand and weaker non-retail participation suggests Ather has brand momentum that could support partnerships, but valuation and institutional appetite remain key diligence points.
What to watch
- Overall subscription rising sharply on the final day, led by QIB bids.
- QIB tranche reaching or exceeding full subscription.
- A sustained positive grey-market premium ahead of allotment and listing.
- Anchor-investor quality, concentration and post-lock-up supply expectations.
- Monthly Ather registration volumes, market-share movement and vehicle-margin commentary after listing.
- Changes to EV subsidies, battery-sourcing rules, financing rates or competitive pricing by Ola Electric, TVS, Bajaj and Hero MotoCorp.
- Track final-day QIB, NII/HNI and employee-category subscription separately from retail demand.
- Monitor grey-market premium and any changes in it versus the issue price as an indicator of expected listing appetite.
- Compare Ather's valuation and fundraising use with listed two-wheeler EV peers, especially profitability timelines, market-share trends and subsidy exposure.
- Watch whether competing OEMs increase promotions, financing offers or dealer incentives after a successful Ather listing.
- Assess whether a favorable listing reopens the IPO pipeline for Indian EV, battery, charging and mobility-platform companies.