Resurfacing Ather Energy's April 2025 IPO: Day 2 subscription hit 28%, retail tranche fully subscribed
Resurfacing a move from April 29, 2025: Ather Energy's IPO had attracted 28% overall subscription by the end of Day 2, according to Inc42. The retail investor portion was fully subscribed, signalling stronger demand from individual investors than the overall book.
What happened
Ather Energy’s IPO was subscribed 28% by the end of its second day of bidding, while the retail investor portion was fully subscribed at 100%.
Key facts
- 28% overall subscription on day 2
- 100% retail portion subscribed
- 0.24x earlier subscription level referenced
Why this matters
The retail-led IPO interest reinforces Ather’s strategic value as a recognizable EV brand, though broader capital-market appetite remains incomplete.
What to watch
- Final overall subscription multiple and the QIB tranche subscription level
- Anchor investor mix and concentration among domestic versus foreign institutions
- Issue-price valuation relative to TVS Motor, Bajaj Auto, Ola Electric and other relevant comparables
- Grey-market premium direction in the days before allotment and listing
- Post-listing delivery volumes versus speculative turnover
- Monthly electric two-wheeler registrations, Ather market share and incentive-policy changes
- Evidence of margin improvement, inventory discipline and lower cash burn in subsequent earnings disclosures
- Track final-day QIB, NII/HNI and employee subscription separately; the institutional book will be the key quality signal.
- Assess the IPO valuation against listed two-wheeler peers on sales growth, gross margin, EBITDA path and market-share assumptions.
- Monitor grey-market premium trends cautiously for changes in expected listing sentiment.
- Watch whether Ather increases pre-listing communication around unit economics, dealer expansion, charging infrastructure and use of IPO proceeds.
- Expect competing EV and two-wheeler brands to increase promotional offers if Ather's public-market visibility strengthens.