Ather Energy IPO’s Grand Finale: Institutional Investors Spark a Subscription Surge

Image Source: The Financial Express

Ather Energy's highly awaited ₹2,981 crore initial public offering (IPO) closed today with good traction from qualified institutional buyers (QIBs), who subscribed to their entire quota on the last day of bidding. As per exchange statistics, the QIB segment was subscribed 1.26 times, with bids received for more than 3.65 crore shares against the 2.89 crore shares earmarked for this category.

Retail investors were also highly enthusiastic, with their share subscribed 1.45 times, although the employee subscription was oversubscribed by over four times. The non-institutional investor (NII) segment lagged behind at only 34% subscription. Overall, bids were received in the IPO for over 5.6 crore shares against an offer of 5.33 crore shares, resulting in subscription across the board.

The IPO, between ₹304 to ₹321 a share, involves a new issue of ₹2,626 crore and an offer-for-sale of ₹355 crore. The funds will be used for expansion, R&D, repayment of debt, and general corporate purposes. The allotment status will be determined on May 2 and listing on May 6.

Source: Moneycontrol, Inc42, CNBC-TV18, Upstox