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Ather Energy’s initial public offering struggled to gather strong investor interest on the second day of bidding, with the overall subscription reaching just over 30% as of 05:09 PM on Tuesday, April 29.Retail investors led the demand, subscribing 1.19 times of their allocated quota, while non-institutional investors (NIIs) subscribed 28%. The Rs 3,000-crore offering closes on April 30, with listing scheduled for May 6.GMP slidesIn the grey market, Ather Energy’s unlisted shares were trading around Rs 322 on Tuesday, reflecting a muted premium of just Rs 1—or 0.31%—over the upper end of the price band at Rs 321, according to sources tracking unofficial trading.Read More: Sensex & Nifty are healing. But will this revive the Rs 2 lakh crore IPO pipeline lying in dumps?The Grey Market Premium (GMP) has weakened steadily. Before the IPO opened, the GMP stood at Rs 7, dropped to Rs 3 by Monday, and slipped further to about Rs 1 by Tuesday. Market observers attributed the decline to selling pressure on Dalal Street last Friday, but noted sentiment could improve with a market turnaround.Key offer detailsAther Energy’s IPO consists of a fresh issue of Rs 2,626 crore and an offer-for-sale (OFS) worth Rs 355 crore, with a price band set between Rs 304 and Rs 321 per share. The company has already raised Rs 1,340 crore from anchor investors including SBI Mutual Fund, Franklin Templeton, and Abu Dhabi Investment Authority.At the upper band, the electric two-wheeler maker’s valuation stands around $1.4 billion—a sharp 44% cut from its earlier target amid cautious global market sentiment.Proceeds from the fresh issue will be used for establishing a new manufacturing facility in Maharashtra, repaying certain borrowings, and investing in research and development, marketing, and general corporate purposes.Also Read: Ather Energy's Rs 2,981-crore IPO opens for subscription. Should you bid amid weak GMP?Analyst recommendation: Apply or not?Despite the soft grey market trend, analysts remain positive on Ather Energy’s fundamentals. "At the upper band of Rs 321, the issue is valued at a EV/sales ratio of 8x, based on 9MFY25 sales of Rs 1,579 crore. We are recommending a Subscribe for listing gain rating for this issue," said Arihant Capital.Ather, known for its strong in-house R&D and early mover advantage in the premium electric scooter market, has recently expanded its product lineup with models such as the Ather Rizta.IIT Madras, one of Ather’s early backers through its incubation arms, holds 15.58 lakh shares and is expected to realise around Rs 50 crore from the listing.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

In a concerning case of a stock market fraud, a 37-year-old private sector employee from Asif Nagar, Hyderabad, fell prey to a stock market investment scam, losing Rs 2.8 crore in a fake Initial Public Offering (IPO) scheme, according to a Times of India report.The victim was reportedly lured through a Facebook advertisement promising early access to upcoming IPOs. Upon clicking the link, he was redirected to a fraudulent web page controlled by scammers, who subsequently added him to a WhatsApp group where daily discussions around IPO investments took place.The fraudsters, one of whom posed as a woman named "Priya," persuaded the victim to make multiple deposits between March 7 and April 21, 2025, using their app named ASKMIN.To build trust, the scammers initially transferred Rs 4.9 lakh into the victim’s account as so-called "profits," encouraging him to invest larger amounts over time, according to the ToI report.However, when the victim later attempted to withdraw his funds, the fraudsters demanded an additional 15% payment as a "processing fee." Despite showing him a fabricated account balance of Rs 32.3 crore on their fake app, the scammers continued to delay any actual payouts.Realizing he had been duped as the demands for more money persisted, the victim approached the Hyderabad Cyber Crime police.Based on the complaint, a case has been registered under various sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, including charges of cheating, forgery, and operating an organized crime syndicate.Authorities are currently investigating the network behind the ASKMIN platform.This case serves as a reminder for investors to exercise extreme caution while engaging with online investment platforms and unsolicited offers on social media. Experts advise verifying the authenticity of any investment opportunity, particularly those related to IPOs, directly with exchanges and SEBI-registered intermediaries, and to avoid relying on links or promises made via unofficial channels.Also read: Reliance Industries shares at inflection point. 6 reasons why FY26 could be the year of big re-rating(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)