Today is the final day to subscribe to the Ather Energy IPO, which opened for subscription on April 28th and generated a lot of buzz in the market. However, despite the hype, investor response has been weak, with the Ather IPO subscription status standing at just 35% overall on day 3.

Ather Energy IPO Subscription Status

The Rs 2,981.06 crore Ather Energy IPO opened for subscription on April 28, 2025. The IPO comprises a fresh issue of Rs 2,626.30 crore and an offer for sale (OFS) of Rs 354.76 crore. However, the overall investor response has been muted so far.

On Day 1, the Ather IPO subscription status showed just 17% overall subscription, with active participation mainly from retail investors.

By Day 2, the IPO had only been subscribed 0.30 times (30%) overall, as institutional investors stayed on the sidelines. The retail investor portion was subscribed to 1.20 times. In contrast, the Qualified Institutional Buyers (QIBs) portion remained unsubscribed, while the Non-Institutional Investor (NII) category was subscribed only 0.28 times.

Ather Energy IPO GMP Today

As of today, the Ather Energy IPO grey market premium (GMP) is quoted at just Rs 1, with the unlisted shares trading at Rs Rs.322 apiece in the grey market. This is barely above the IPO's upper price band of Rs.321, translating to a very modest GMP of 0.31%. As per data on the Investorgain website.

The Ather IPO GMP today shows lukewarm sentiment in the unofficial market, especially considering the high-profile nature of the EV manufacturer's public issue. The grey market premium (GMP) is often seen as an early indicator of how an IPO might perform on the listing day. A positive GMP typically signals a potential listing gain, while a negative or flat GMP may indicate that the stock could list at a discount or close to its issue price, as per the Investorgain website.

Ather Energy IPO Price Band and Lot Size

Ather Energy IPO price band is set at Rs. 304 to Rs. 321 per share. The minimum lot size for an application is 46. The minimum amount of investment required by retail investors is Rs. 13,984.

Ather Energy IPO Allotment & Listing Date 2025

The Ather Energy IPO allotment date is tentatively set for May 2, 2025, with the Ather Energy IPO listing date scheduled for May 6, 2025, on both the NSE and BSE. Investors can check their IPO allotment status online through the registrar's portal once the final allocation is announced.

Ather Energy IPO Price Band & Lot Size Details

The Ather Energy IPO price band has been fixed at Rs. 304 to Rs. 321 per share as per the Chittorgarh website. The minimum lot size for retail investors is 46 shares, requiring a minimum investment of Rs. 13,984 per application. Interested retail participants can apply for up to 13 lots depending on eligibility.

Broking recommendations: Avoid or subscribe to Ather Energy IPO

Despite early buzz surrounding the Ather Energy IPO, mainly due to its backing by Hero MotoCorp and being a leading electric two-wheeler manufacturer in India, broking sentiment remains mixed. While the IPO has generated strong brand recall and EV sector interest, many analysts are cautious due to ongoing profitability concerns.

According to SBI Securities, investors are advised to "avoid" subscribing to the Ather Energy IPO, citing weak fundamentals at both EBITDA and PAT levels.

In contrast, Arihant Capital and Ventura Securities have given a "Subscribe" rating, expressing optimism over Ather's long-term outlook.

On the other hand, several major brokerages, including Axis Capital, Canara Bank Securities, Capital Market, ICICI Direct, IDBI Capital, Nuvama Wealth Management, and SMC Global, have taken a "neutral" stance on this IPO.

About the company

Founded in 2013, Ather Energy is among India's leading electric two-wheeler manufacturers. The company's flagship products, the Ather 450X and Ather 450S, are known for their premium quality, technology integration, and performance. Backed by Hero MotoCorp and Tiger Global, Ather Energy has built a strong brand presence in the Indian EV market. It has also invested heavily in research and development (R&D), recently expanding its product testing and validation capabilities to accelerate innovation and maintain its leadership position. The book-running lead managers (BRLMs) for the Ather Energy IPO are Axis Capital, JM Financial, Nomura Financial Advisory and Securities (India), and HSBC Securities & Capital Markets.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.