Ather Energy IPO - Day 3 Subscription at 0.35 Times

Ather Energy's initial public offering (IPO) has shown steady progress through its three-day subscription period. The ₹2,981.06 crore IPO, one of the largest recent offerings, has witnessed gradual growth in demand, with subscription rates advancing from 0.17 times on day one, improving to 0.30 times on day two, and reaching 0.35 times by 11:09 AM on the final day, demonstrating measured investor interest in this electric two-wheeler (E2W) manufacturer that specializes in designing, developing, and assembling electric scooters, battery packs, charging infrastructure, and supporting software systems.

Ather Energy IPO employee reservation segment continues to lead with an impressive 3.81 times subscription, while retail investors exceed full subscription at 1.40 times, non-institutional investors show limited participation at 0.32 times (with big NIIs at 0.34 times performing slightly better than small NIIs at 0.28 times), and qualified institutional buyers show minimal participation with just 12,052 shares bid for, reflecting continued cautious evaluation of this vertically integrated EV company that has sold over 100,000 electric scooters in recent periods despite reporting continued financial losses.

Subscription Status of Ather Energy IPO:

Here are the subscription details for Ather Energy IPO as of Day 3 (April 30, 2025, 11:09 AM):

Note:
 

• "Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
• The portions of anchor investors and market maker are not included in the total shares offered.

Key Highlights: Day 3

• Overall subscription reached 0.35 times on final day, showing steady but modest growth
• Employee category showed exceptional enthusiasm at 3.81 times, significantly up from previous days
• Retail investors exceeded full subscription at 1.40 times, demonstrating strong individual interest
• Big NII segment (bids above ₹10L) showed limited interest at 0.34 times
• Small NII segment (bids below ₹10L) showed minimal interest at 0.28 times
• QIB segment remained largely absent with negligible participation (12,052 shares)
• Application count reaching 1,99,508, showing continued growth from previous days
• Retail segment driving subscription with ₹415.46 crores in bids, representing 73% of public subscription
• Final day cumulative bid amount reaching ₹571.44 crores, representing about 19% of the issue size
• Overall subscription showing cautious investor approach to this large loss-making EV company

Ather Energy IPO - Day 2 Subscription at 0.30 Times

Key Highlights

• Overall subscription improved to 0.30 times, showing steady growth from day one
• Employee category showed strong enthusiasm at 3.23 times, significantly up from day one
• Retail investors exceeded full subscription at 1.20 times, showing strong individual interest
• Big NII segment (bids above ₹10L) showed moderate interest at 0.30 times
• Small NII segment (bids below ₹10L) showed limited interest at 0.24 times
• QIB segment remained absent with no meaningful participation
• Application count increased significantly from day one
• Retail segment continued to drive subscription with retail investors representing majority of public bids
• Second day momentum showed notable improvement though still at modest overall levels
• Cumulative bid amount grew steadily, representing continued cautious approach to this EV manufacturer

Ather Energy IPO - Day 1 Subscription at 0.17 Times

Key Highlights

• Overall subscription opened at modest 0.17 times, showing cautious initial investor approach
• Employee category exceeded full subscription at 1.84 times, demonstrating strong internal confidence
• Retail investors showed good interest at 0.69 times, the strongest among public categories
• Big NII segment (bids above ₹10L) showed initial interest at 0.19 times
• Small NII segment (bids below ₹10L) showed limited interest at 0.12 times
• QIB segment showed no participation on opening day
• Application count reached 70,366, indicating widespread retail investor participation
• Retail segment drove early subscription with retail investors representing majority of public bids
• Initial momentum reflected careful assessment of EV manufacturer with significant losses
• Anchor investors already secured ₹1,340.03 crores (44.95% of the issue) before public subscription began

 About Ather Energy Limited

Founded in 2013, Ather Energy Limited is a leading Indian electric two-wheeler (E2W) company engaged in designing, developing, and in-house assembling of electric scooters, battery packs, charging infrastructure, and supporting software systems. The company operates as a vertically integrated EV manufacturer with a focus on product and technology development, having sold 107,983 E2Ws in the nine months ended December 31, 2024, and 109,577 E2Ws in Fiscal Year 2024.

Ather's product ecosystem extends beyond vehicles to include Ather Grid, a public fast-charging network for two-wheelers, and Atherstack, a proprietary software platform featuring 64 connected features as of July 2024. Manufacturing operations are centered at the Hosur Factory in Tamil Nadu, which had an annual installed capacity of 420,000 electric vehicles and 379,800 battery packs as of March 2024. The company has established a significant retail and service presence with 265 experience centers and 233 service centers in India, along with additional locations in Nepal and Sri Lanka as of December 2024.

Financial performance shows substantial scale but continued losses, with revenue of ₹1,789.1 crores in FY2024 and loss after tax of ₹1,059.7 crores. For the nine months ended December 31, 2024, the company reported revenue of ₹1,617.4 crores with a loss of ₹577.9 crores. 
 

Highlights of the Ather Energy IPO:

• IPO type: Book Building IPO
• IPO size: ₹2,981.06 crores
• Fresh Issue: 8.18 crore shares aggregating to ₹2,626.30 crores
• Offer for Sale: 1.11 crore shares aggregating to ₹354.76 crores
• Face value: ₹1 per share
• Issue price band: ₹304 to ₹321 per share
• Lot size: 46 shares
• Minimum investment for retail investors: ₹14,766
• Employee reservation: 1,00,000 shares with ₹30 discount per share
• Anchor portion: 4,17,45,576 shares (₹1,340.03 crores raised)
• Listing at: BSE, NSE (Mainboard)
• IPO opens: April 28, 2025
• IPO closes: April 30, 2025
• Allotment date: May 2, 2025
• Listing date: May 6, 2025