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6d ago

Ather Energy IPO Sees Slow Start with 17% Subscription by Day 2

Despite strong anchor investor backing, muted retail interest and a flat grey market premium signal cautious investor sentiment.

Ather Energy to manufacture 10 lakh more 2-wheelers, eyes new EV factory.
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Ather Energy IPO Day 2: Check subscription status, GMP, allotment date & more

Overview

  • Ather Energy's Rs 2,981 crore IPO, launched on April 28, achieved 17% overall subscription by the morning of Day 2, with 69% retail uptake.
  • Anchor investors contributed Rs 1,340 crore ahead of the IPO, providing initial institutional support for the offering.
  • The grey market premium remains flat at Re 1, indicating limited market enthusiasm for a significant listing gain.
  • Concerns over Ather's financial health persist, with FY24 net losses of Rs 1,059 crore and borrowings exceeding Rs 1,100 crore as of December 2024.
  • Ather plans a Rs 927 crore investment in a new manufacturing facility in Maharashtra to expand capacity to one million units by mid-FY26, but low current utilization raises efficiency concerns.