The public issue of Ather Energy Limited was fully subscribed on the final day of bidding, April 30, 2025, with an overall subscription of 1.05 times. This marks a turnaround from the tepid initial response the IPO received during the first two days. The ₹2,981 crore offering includes a fresh issue of ₹2,626 crore and an OFS of 1.1 crore shares.
Qualified Institutional Buyers (QIBs) led the rally with a 1.26x subscription, bidding for 3.65 crore shares against the 2.89 crore shares reserved. Notably, Mutual Funds contributed the bulk of the QIB interest, bidding for over 3.27 crore shares.
Retail Individual Investors (RIIs) showed strong enthusiasm with a 1.45x subscription, applying for 1.41 crore shares against the 97.34 lakh shares reserved. The cut-off bids dominated the retail category with over 1.24 crore applications.
However, Non-Institutional Investors (NIIs) remained subdued, subscribing only 34% of their reserved portion. High net-worth individuals (HNIs) bidding more than ₹10 lakh subscribed at 0.35x, while those in the ₹2–10 lakh bracket subscribed at 0.33x.
Employees showed overwhelming support, with the employee quota subscribed 4.23 times. Ather had earlier raised ₹1,340 crore from anchor investors before the IPO opened.
The IPO is expected to list on May 6, with a grey market premium of just ₹1 over the upper price band of ₹321. Despite ongoing concerns over profitability and high borrowings, brokerages have advised cautious optimism, citing strong promoter backing and long-term sector potential.
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