The much-anticipated ₹2,980.76 crore IPO of Ather Energy Limited saw a relatively modest start on Day 1, with an overall subscription of 0.16 times by market close on April 28, 2025. This marks the first mainboard IPO of FY26 and the first major offering since February 2025, signaling a revival in India’s primary market activity.
According to the NSE data, retail investors led the early response, subscribing 63% of their allotted quota. The non-institutional investors (NIIs) segment was subscribed 16%, while the qualified institutional buyers (QIBs), who are expected to drive the bulk of the subscription, showed negligible activity, with only minimal bids placed (just 5,060 shares bid for).
The employee quota was subscribed 1.77 times, showing strong enthusiasm within the company’s workforce, aided by a ₹30 per share discount offered to employees.
Detailed Subscription Status (as of Day 1)
| Category | Subscription Status |
|---|---|
| Qualified Institutional Buyers (QIBs) | 0.00 times |
| Non-Institutional Investors (NIIs) | 0.16 times |
| Retail Individual Investors (RIIs) | 0.63 times |
| Employee Reserved | 1.77 times |
| Total | 0.16 times |
Quick Recap of Ather Energy IPO Details
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Price Band: ₹304–₹321 per share
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Lot Size: 46 shares per lot (₹13,984 minimum investment)
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Issue Structure:
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75% reserved for QIBs
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15% for NIIs
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10% for Retail Investors
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Use of Proceeds:
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₹927.2 crore for new EV facility in Maharashtra
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₹40 crore for debt repayment
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₹750 crore for R&D
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₹300 crore for marketing
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IPO Closing Date: April 30, 2025
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Listing Date: May 6, 2025 (BSE and NSE)
Market Buzz
The Grey Market Premium (GMP) for Ather Energy stood around 10% on Day 1, indicating moderate investor optimism. Analysts note that while Ather’s strong brand, first-mover advantage in EVs, and diversified EV ecosystem provide long-term growth potential, near-term listing gains may be limited due to the ongoing cautiousness around tech and EV valuations.
With two more days left for subscription, major inflows, especially from QIBs, are expected closer to the final day, which is typical for large IPOs.
