The muted response for the Ather Energy IPO continued on Day 2 as well, and the overall public issue was subscribed just 28% by 5 pm on Tuesday. The retail individual investors (RIIs) quota was subscribed 1.12 times, with bids placed for 1,08,58,990 shares against 97,34,319 on offer. The encouraging response from retail investors is a positive sign for the company, which has already garnered ₹1,340 crore from marquee international and domestic anchor investors.

The employee category has received the maximum bids, subscribing 3.18 times, as 3,18,228 bids were received for 1,00,000 shares on offer.

The NII (non-institutional investors) quota has been subscribed 0.27 times, with bids placed for just 39,05,308 shares against 1,46,01,478 on offer. The least subscribed category continues to be QIB (qualified institutional buyers) as only 7,636 shares have been bid for against 2,89,27,363 on offer. Overall, the bids have been placed for 1,50,90,162 shares against 5,33,63,160 shares on offer, thus subscribing just 0.28 times.

The company has reserved up to 75% of the public issue for QIB, 15% for NII, and the remaining 10% for retail investors. The employee quota has been reserved up to 100,000 equity shares, which will be offered at a discount of ₹30 per equity share.

Meanwhile, the falling grey market premium (GMP) of Ather Energy IPO remains a key concern, as it raises questions on the electric vehicle maker’s viability and future potential. As of now, the GMP stands at ₹1, dropping sharply from ₹17 on April 22, albeit it has improved from the zero level touched on April 27. This can be attributed to various factors, including the company's financial health and lack of public excitement amid fragile market conditions.

The three-day IPO of the EV startup will close on April 30, while shares are expected to be listed on the BSE and NSE on May 6, 2025. The electric vehicle maker has set a price band of ₹304-321 per share for its IPO, which is a combination of fresh equities and offer for sale (OFS) by selling shareholders.

Ather Energy is engaged in the design, development, and manufacturing of electric two-wheelers and supporting infrastructure. Its product lineup includes the Ather 450x and Ather 450s premium electric scooters equipped with proprietary lithium-ion battery packs, fast-charging capabilities, and a connected dashboard that offers navigation, diagnostics, and over-the-air updates. These models cater primarily to urban commuters seeking performance, efficiency, and low maintenance.

The company also operates the Ather Grid, a nationwide fast-charging network that enhances user convenience and supports its growing customer base. Its manufacturing operations are currently based out of its plant in Hosur, Tamil Nadu, with a new facility, Factory 3.0, under development at Chhatrapati Sambhaji Nagar, Maharashtra. As of FY24, Ather held an 11.5% market share in India’s electric two-wheeler segment, making it the third-largest E2W manufacturer by retail sales.