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On the final day of bidding (April 30), the much-talked-about Rs 2,981 crore IPO of the EV maker Ather Energy has been subscribed just 35 per cent so far. Retail investors are doing the heavy lifting with their quota already oversubscribed (1.36x). But institutional money? Still parked in the garage.
Qualified institutional buyers (QIBs) are yet to make a move, and that's a red flag this late in the race. Non-institutional investors (NIIs), too, have only filled 31 per cent of their portion as of late morning.
Ather Energy IPO snapshot
- Total issue size: Rs 2,981 crore
- Fresh issue: Rs 2,626 crore
- OFS (Offer for sale): Rs 355 crore
- Price band: Rs 304 - Rs 321 per share
- Minimum lot: 46 shares
- Final subscription deadline: April 30, 5:00 PM
- Allotment date: May 2
- Listing expected: May 6
Even the grey market isn't too excited. The GMP (grey market premium) has been hovering around Rs 1, barely above the upper price band. That's not the kind of buzz you'd expect for a brand in a hot sector like electric vehicles.
Why the caution?
There's no denying that Ather has built a credible EV brand with a loyal customer base and solid tech credentials. Backed by Hero MotoCorp and Tiger Global, its growth ambitions are clear.
But the IPO size is chunky. And the timing is a bit tricky. The EV narrative is still evolving in India, and Ather, while promising, is not yet profitable. That's giving many institutions a reason to wait—or stay away entirely.
Final take
Ather Energy IPO hasn't exactly sparked a buying frenzy. Retail enthusiasm is holding up the issue for now, but the lack of institutional participation, so close to the finish line, sends a signal that the Street isn't fully convinced.
If the QIB bids don't come in heavy by the end of the day, listing day could be a bit of a bumpy ride.
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