Ather Energy IPO Day 2: Subscribed 27% By 3 PM, Retail Fully Booked, QIB Bids Remain Low

Mumbai: The Rs 2,981.06 crore initial public offering (IPO) of electric vehicle manufacturer Ather Energy has seen limited investor enthusiasm as it enters the second day of bidding. As of 3:12 PM on Tuesday, April 29, the overall subscription stood at 27 per cent, according to the National Stock Exchange (NSE) data.

Retail investors have shown the strongest support, oversubscribing their portion by 1.06 times. The employee quota has seen robust demand as well, being subscribed 3 times. However, the lack of participation from Qualified Institutional Buyers (QIBs) is notable. Only 6,992 shares have been bid for by QIBs out of the 2.89 crore shares reserved for them, reflecting minimal institutional interest.

Earlier in the day, subscription levels gradually increased from 21 per cent at 11 AM to 22 per cent at 12 PM, then to 23 per cent at 1 PM, and reached 24 per cent by 2 PM. Throughout the day, the employee quota remained consistently oversubscribed—from 2.39 times in the morning to 3 times by 3 PM. Retail participation also surged steadily, surpassing the 100 per cent mark early in the afternoon. In contrast, the non-institutional investors (NII) category lagged behind, with only 20 per cent of their quota filled by the latest update.

On Day 1 of the IPO, April 28, the offering garnered only 16 per cent subscription, with bids for 86.09 lakh equity shares against the total offer of 5.33 crore shares.

Adding to the cautious sentiment, the grey market premium (GMP) for the IPO stands at just Rs 1, indicating lukewarm secondary market enthusiasm. This IPO is the first major public offering of fiscal year 2025–26 (FY26) and is being closely watched for signals about investor appetite in the EV space.

Ather Energy’s IPO remains open for subscription until April 30. Market observers will be keen to see if institutional investors step in strongly on the final day to lift overall demand.