Ather Energy IPO Day 3 Subscription Status Live Updates: Ather Energy’s IPO has entered its final stretch, and the overall subscription remains tepid. By Day 2, the issue was subscribed just 0.30 times, driven largely by retail participation, which stood at 1.20 times. However, institutional appetite is yet to pick up, with the QIB portion still untouched and the NII category subscribing just 0.28 times. The EV maker aims to raise around Rs 2,981 crore through the public offer, which includes a fresh issue of 8.18 crore shares and an offer for sale of 1.1 crore shares.
Ather Energy IPO: 3 crucial concerns
Brokerages are not too enthused about the Ather Energy IPO. Many have recommended cautious or Avoid rating on the back of the following reasons-
1. Issue overvalued: According to Deven Choksey Research, the Ather IPO is currently offered at a EV/Sales valuation of 6x. This according to them, “appears overvalued. We assign ‘Avoid’ rating and believe that it can be bought at attractive valuation in the secondary market.”
2. Supply Chain worries: Ather Energy relies on imports from countries like China for its EV components. The street is worried about impact of regulatory or policy changes. Moreover, any disruption in the supply, pricing of lithium-ion cells is seen as a key risk that could impact the company’s operation.
3. Competition worries: Many brokerages also highlighted the growing competition in the electric two-wheeler space and the relative valuation of Ather Energy issue. They seen need for further rationalisation.
Ather Energy IPO: Investor details
The book-building issue will offer 8.18 crore fresh shares and 1.11 crore promoters’ shares. The allotment for the IPO is expected to be finalised on May 2. As per the tentative schedule, the shares of Ather Energy might the D-Street (NSE and BSE) on May 06. Axis Capital, HSBC Securities & Capital Markets, JM Financial, and Nomura Financial Advisory And Securities (India) are the lead book runners of the issue, with Link Intime India working as the registrar.
Ather Energy IPO day 2 GMP (April 29) highlights: Ather Energy IPO subscription opens today; Check price band, latest GMP
The allotment of shares is likely to be finalised on May 2 and the company is expected to list on BSE and NSE tentatively on May 6.
Ather received bids worth Rs 24.13 billion, exceeding the 17.13 billion rupees on offer, after raising Rs 13.40 billion last week from large "anchor" investors including the Abu Dhabi Investment Authority and Temasek.
Qualified institutional buyers, for whom 54% of the shares were reserved in the public offering, led with bids worth Rs 15.6 billion, followed by retail investors, who bid for Rs 5.31 billion of shares.
Ather Energy IPO Subscription Status, Day 3 Live: Status at 6:30 pm
QIB - 1.70x
NII - 0.66x
Retail - 1.78x
Employee reservation - 5.43x
Total – 1.43x
Ather Energy IPO Subscription Status, Day 3 Live: Issue closes with retail, HNI-NII response over Rs 871 crore
Ather Energy jumpstarted the FY26 Mainboard IPO season this week with a retail investor response of around Rs 562 crore and HNI-NII investor response of Rs 309 crore. Institutional demand was close to Rs. 2,915 crore (including anchor investor of Rs. 1,340 crore and qualified institutional oversubscription of Rs. 1,575 crore).
Ather Energy IPO Subscription Status, Day 3 Live: Status update at 5:45 pm
The Ather Energy IPO gained momentum on Day 3 with an overall subscription of 1.5x. Retail investors are currently subscribed 1.89x while Qualified Institutional Buyers (QIBs) have subscibed 1.76 times to the IPO. High net-worth individuals (HNIs) and non-institutional investors (NIIs) continue to have a cautious approach.
Ather Energy IPO Subscription Status, Day 3 Live: IPO subscribed 1.5x
The Ather Energy IPO had been subscribed 1.5x by 4.45 pm on Day 3 --- with investors bidding for 7.66 crore shares against the 5.11 lakh shares (excluding anchor investors) on offer.
Ather Energy IPO Subscription Status, Day 3 Live: Allotment and listing
Share allotment of Ather Energy is likely to be finalised on Friday, May 2. If all goes as planned, the much-anticipated electric vehicle maker is set to make its stock market debut on Tuesday, May 6, with listings expected on both the BSE and NSE.
Ather Energy’s IPO reached a high on the final day of bidding, as the offer sailed past full subscription. By 1:26 PM, the IPO had received bids for over 5.60 crore shares against the 5.33 crore shares on offer, as per data available on the NSE.
Ather Energy IPO Subscription Status, Day 3 Live: Subscription update
Ather Energy's IPO has picked up decent momentum by Day 3, with an overall subscription of 1.19 times so far. Retail investors are leading the charge with a 1.60 times subscription, followed by Qualified Institutional Buyers (QIBs) at 1.40 times so far. However, high net-worth individuals (HNIs) or non-institutional investors (NIIs) have shown a more cautious approach, subscribing just 0.49 times.
Ather Energy IPO Subscription Status, Day 3 Live: Retail interest strong, But listing gains may be capped
"The IPO has seen an overall subscription of 0.36x, with notable traction from retail investors at 1.44x. Despite this interest, listing gains are expected to be modest, largely due to stretched valuations and a less supportive market environment compared to October 2024," said Gaurav Garg, Lemonn Markets Desk.
'While comparisons with Ola Electric are inevitable, Ather stands out with a more premium brand image, superior margins per vehicle, and lower cash burn. That said, it currently commands only about one-third of Ola’s market share. Similar to Ola’s IPO, a post-listing rally remains possible if momentum builds after debut," he added.
Ather Energy IPO Subscription Status, Day 3 Live: Ather Energy's market share
Despite being a key player in the EV space, Ather Energy is feeling the heat from growing competition. Its market share in the electric two-wheeler segment slipped to 10.7% in the first nine months of FY25, down from 11.5% in FY24, as rivals like Ola Electric, TVS Motor, and Bajaj Auto accelerate their game.
The company’s factories are running well below capacity, just 39% for e-scooters and 41% for battery packs.
Ather Energy IPO Subscription Status, Day 3 Live: Subscription numbers so far
On the final day of bidding, Ather Energy’s IPO is seeing a tepid response overall, with just 35% of the total issue subscribed so far. While retail investors have shown decent interest, subscribing to 1.41 times their allotted portion, institutional investors have so far stayed away, with no bids recorded in the Qualified Institutional Buyers (QIB) category.
Non-institutional investors (NIIs), typically high-net-worth individuals, have also held back, subscribing to only 32% of their share.
Ather Energy IPO Subscription Status, Day 3 Live: Price band and lot size
Ather Energy IPO is a mix of a fresh issue and an offer for sale (OFS), with promoters and existing shareholders selling off their equity shares in the company. The price band for the public offering has been set between Rs 304 and Rs 321 per share. The lot size for the IPO is fixed at 46 shares, so investors can place their bids for a minimum of one lot and in multiples of that.
Ather Energy IPO Subscription Status, Day 3 Live: Subscription update
The IPO of Ather Energy, valued at Rs 2,981.06 crore, has received a tepid response so far, with only 30% of the issue subscribed by the end of April 29. A total of 1,50,79,352 equity shares were bid for out of the 5,33,63,160 shares on offer. While participation varied across categories, the employee quota saw the interest, with a 3.18 times subscription. Retail investors also showed moderate enthusiasm, subscribing to 1.12 times their reserved portion.
In contrast, the response from institutional investors has been less encouraging. Non-institutional investors (NIIs) subscribed to only 27% of their designated share portion, while the qualified institutional buyers (QIBs) placed bids for a mere 7,636 shares out of the 2,89,27,363 shares reserved for them.
Ather Energy IPO Subscription Status, Day 3 Live: About the company
Ather Energy, founded in 2013, is a leading player in India’s electric two-wheeler (E2W) market. The company specialises in designing and developing electric scooters, along with manufacturing battery packs, charging infrastructure, and integrated software systems.
In its recent performance, Ather Energy reported selling 107,983 electric scooters in the nine months leading up to December 31, 2024. For the full fiscal year 2024, the company achieved even stronger sales, with 109,577 electric two-wheelers sold.
Ather Energy IPO Subscription Status, Day 3 Live: Key players of the issue
The IPO is being managed by lead bankers Axis Capital, HSBC Securities, JM Financial, and Nomura, with MUFG Intime India Private Limited serving as the registrar.
Ather Energy's IPO, aiming to raise nearly Rs 2,981 crore, is now in its final stretch, with the issue closing on April 30. The offer includes a fresh issue of Rs 2,626 crore and an offer for sale worth Rs 355 crore. Priced between Rs 304 and Rs 321 per share, investors can apply for a minimum of 46 shares, with the starting investment around Rs 14,000.
As of Day 2, the IPO has seen 1.2 times subscription in the retail category, while QIBs are yet to come in and NIIs have shown mild interest. The allotment is expected by May 2, and the stock is likely to debut on the exchanges on May 6.
Ather Energy IPO Subscription Status, Day 2 Live: Status at the end of Day 2
The Ather Energy IPO has so far seen a muted response from investors --- being subscribed 0.30 times at the end of Day 2. The employee quota was fully booked within a few hours of launch and has bow been subscribed 3.23 times. Meanwhile the retail portion had been subscribed 1.19x by the end of Tuesday.
Ather Energy IPO Subscription Status, Day 2 Live: Retail portion subscribed 1.19 times
The Initial Public Offering of Ather Energy has been subscribed 0.30 times at 8:00 pm. Retail investors bid for 1.1 crore shares by the end of day 2 — with the portion subscribed 1.19x on Tuesday. The three-day subscription window will close on April 30, and the shares will list on NSE and BSE on May 6.
Ather Energy IPO Subscription Status, Day 2 Live: IPO subsribed 28%
Ather Energy IPO subsribed 28% on Day 2 of the offer, retail portion fully subscribed (as of 05:00 pm on Tuesday).
QIB - 0.00x
NII – 0.27x
Retail – 1.12x
Employee reservation – 3.18x
Total – 0.28x
Ather Energy IPO Subscription Status, Day 2 Live: E2W industry outlook
There is an increasing preference for premium vehicles within
the 2-wheeler industry, with a growth in market share of motorcycles and scooters with an engine capacity of 125 cc and beyond between FY19 and 2024. The launch of EVs at competitive prices with advanced features is accelerating E2W growth, which is expected to reach 10.3 – 12.3 million units by FY31.
Ather Energy IPO Subscription Status, Day 2 Live: Deven Choksey Wealth says Avoid Ather Energy IPO
Ather Energy IPO Subscription Status, Day 2 Live: Asit C Mehta Investment Interrmediates on Ather IPO
Increasing EV focus by legacy players such as Bajaj Auto and TVS Motors is heating the competition. This creates uncertainty around the timeline of attaining profitability, even at the EBITDA level. "Accordingly, we have an ‘Avoid’ rating on the IPO of Ather Energy, as a wait-and-watch strategy might be more appropriate," said Asit C Mehta Investment Interrmediates in an IPO note.
Ather Energy IPO Subscription Status, Day 2 Live: Bajaj broking on Ather Energy
Ather Energy is a pure-play electric vehicle (EV) company specialising in the sale of electric two-wheelers (E2Ws), batteries, and other related products. It is in the process of expanding its manufacturing capacity by setting up a new unit in Maharashtra. "Despite its growth initiatives, the company has been consistently posting losses and carries significant accumulated losses, " said Bajaj Broking in a research note.
Ather Energy IPO Subscription Status, Day 2 Live: Subscription update so far
Ather Energy’s IPO saw a lukewarm response on Day 2, with a subscription of just 0.26 times as around 2:30 PM. While retail investors led the charge with their portion subscribed 1.09 times, institutional interest remained missing, with zero bids in the Qualified Institutional Buyers (QIB) category and a modest 0.2 times subscription from Non-Institutional Investors (NIIs), indicating that the bulk of investor appetite is yet to come.
Ather Energy IPO Subscription Status, Day 2 Live: Ather shares fetching nil GMP
As the IPO offering entered to second day of bidding, the shares of Ather Energy were neither fetching a premium nor a discount in the grey market. This simply means that investors are not much attracted towards the IPO. The company kept the IPO price band in a range of Rs 304 to Rs 321, for a valuation of Rs 2,980.73 crores.
Ather Energy IPO Subscription Status, Day 2 Live: Geojit on Ather Energy IPO
"At the upper price band of Rs 321, Ather’s EV/Sales ratio of 7.1x (FY24) appears expensive. However, as a pioneer in the E2W segment, the company is in a strong growth phase with robust R&D and new technological platforms. Despite current profitability challenges and valuation concerns, we recommend a "Subscribe" rating for high-risk investors with a long-term outlook," said Geojit report on Ather Energy.
Ather Energy IPO Subscription Status, Day 2 Live: Subscription status so far
As of Day 2, Ather Energy’s IPO appears to be cruising in the slow lane. The issue was subscribed just 0.23 times till now. The retail investor category subscribed with 0.94x subscription, while QIBs remained completely absent so far, and Non-Institutional Investors (NIIs) barely participated at 0.19x. With no grey market premium (GMP flat at Rs 1) and there is only a day left for the subscription window to close.