Resurfacing Ather Energy's April 2025 IPO: 28% subscription on Day 2 as retail quota was fully booked
Revisiting Ather Energy's IPO bidding from April 29, 2025, when the offer was subscribed 28% by Day 2. While overall demand remained below full subscription at the time, the retail investor portion was fully booked, signalling stronger interest from individual investors.
What happened
Ather Energy’s IPO was subscribed 28% on its second day, with overall subscription reported at 0.24x. The retail investor portion was fully booked.
Key facts
- 28% subscription on Day 2
- 0.24x overall subscription
- Retail portion 100% booked
Why this matters
The split between robust retail interest and muted overall subscriptions suggests Ather has brand equity but may face valuation scrutiny from larger capital providers.
What to watch
- Final subscription multiple and the share of bids from QIBs versus retail investors.
- Any price-band revision, extension, allocation changes or disclosures on anchor-book demand.
- Grey-market premium movement in the final bidding days and before listing.
- EV two-wheeler registration data, Ather delivery trends and competitive pricing/promotional activity.
- Post-listing price stability, traded volumes and whether the stock sustains above issue price after the initial retail-driven session.
- Track final-day subscription by QIB, NII and employee categories rather than overall subscription alone.
- Compare implied IPO valuation with listed two-wheeler peers, especially profitability trajectory, unit economics and market-share trends.
- Monitor grey-market premium and anchor-investor participation as near-term indicators of expected listing demand.
- Assess whether strong retail participation translates into higher showroom inquiries, brand consideration and dealer confidence for Ather versus Ola Electric, TVS and Bajaj.