Ather Energy IPO day 2 Highlights: GMP, subscription status, date, price to review. Apply or not?

Ather Energy IPO day 2: The initial public offering (IPO) of Ather Energy Limited opened for bidders on 28 April 2025. According to details related to Ather Energy IPO date of subscription available on the BSE website, the public issue will remain open until 30 April 2025. The company has fixed the Ather Energy IPO price at ₹304 to ₹321 per equity share. The E2W (Electric Two Wheeler) company aims to raise ₹2,981.06 crore from its initial offer, which is a mix of fresh shares and offer for sale (OFS). According to Ather Energy IPO subscription status, the issue has received a normal response on day one of bidding, with 16% subscribed to its public offer. Meanwhile, following the bull trend on Dalal Street, the grey market has remained steady on Ather Energy IPO. 

Ather Energy IPO GMP today

According to market observers, Ather Energy IPO GMP (Grey Market Premium) today is Re 1 per share, which is Re 2 lower than Monday's GMP of ₹3. Ahead of the Ather Energy IPO subscription opening, Ather Energy's IPO GMP was at around ₹7, and in the last three days, Ather Energy's IPO GMP has come down to Re 1 per share. The market observers said that grey market sentiments may improve once there is a trend reversal on Dalal Street. Dip in Ather Energy IPO GMP was caused by the sharp selling on Friday and weak Ather Energy IPO subscription status after two days of bidding. 

Ather Energy IPO subscription status

By 5 PM on day 2 of bidding, the book build issued had been subscribed 0.28 times, the retail portion had been booked 1.12 times, the NII portion had been filled 0.27 times, and the employee's reserved quota had been filled 3.18 times.

Ather Energy IPO: Apply or not?

Assigning a ‘subscribe’ tag to the public issue, Bajaj Capital says, “Ather Energy IPO is a pure-play electric vehicle (EV) company specializing in the sale of electric two-wheelers (E2Ws), batteries, and other related products. It is in the process of expanding its manufacturing capacity by setting up a new unit in Maharashtra. Despite its growth initiatives, the company has consistently posted losses and carries significant accumulated losses. Its financial performance has resulted in a negative Price-to-Earnings (PE) ratio, and its borrowings stood at over ₹1121 crore as of December 31, 2024, which is a point of concern. However, the company benefits from strong parentage, which remains its key strength. Considering its current financials, this appears to be a long-term investment story, and therefore, only well informed investors with surplus funds and a long-term perspective may consider investing moderately.”

Ventura Securities has also recommended a 'subscribe' tag to the public issue, saying, "We recommend you subscribe for listing gains. Its premium focus, Ather Grid, and R&D-driven innovation differentiate it from competitors. The company is going through major capex with its Ather Factory 3.0 (will have 10 Lakhs unit capacity by mid-FY26). This comes despite challenges such as subsidy cuts and low capacity utilization."

Highlighting the valuations of the book build issue, SMC Global says, “The company is loss making , at the higher band of Rs. 321, we are considering the P/B ratio, pre issue, book value of Rs. 3.72 of P/Bvx 86.39x. Post issue, book value of Rs. 73.41 of P/Bvx 4.37x. At the lower band of Rs. 304 , we are considering the P/B ratio, pre issue, book value of Rs. 3.72 of P/Bvx 81.81x. Post issue, book value of Rs. 73.41 of P/Bvx 4.14x.”

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.