IPO Watch May 2025: Ather Energy Allotment Expected Today as Srigee DLM and Manoj Jewellers Set to Launch

By ASJ News | Published: May 2, 2025

As India’s equity market continues to ride high on investor optimism and a strong macroeconomic foundation, the IPO pipeline remains active. The buzz in the market today surrounds Ather Energy, a homegrown electric scooter manufacturer, whose IPO allotment status is expected to be finalized today after a respectable 1.43x subscription. Alongside, two fresh SME IPOs—Srigee DLM and Manoj Jewellers—are slated to open on May 5, adding fuel to the already buzzing IPO calendar of May 2025.

Let’s unpack the developments, explore the market sentiment, and understand where retail and institutional money is heading this month.

Ather Energy IPO: Allotment Today After 1.43x Subscription

Ather Energy’s IPO has managed to draw decent interest, especially from retail and qualified institutional buyers, despite tight competition and macro headwinds in the EV sector.

• Total Subscription: 1.43x

• Retail Portion: 2.12x

• QIB Portion: 1.01x

• HNI Portion: 0.76x

• IPO Size: ₹1,350 crore

• Price Band: ₹282–₹298 per share

The IPO, which closed earlier this week, reflects investor belief in the EV mobility story—a segment that has continued to attract regulatory incentives and sustainability-focused capital. The allotment results will be visible on the registrar's site and through platforms like Zerodha and Groww by EOD today.

“Ather’s fundamentals are strong, especially with its retail network expansion and partnerships in battery infrastructure. Long-term investors are likely to hold post-listing,” said a Zerodha market analyst.

The listing date is expected to be May 7, and market watchers anticipate a listing premium in the 10–12% range, driven by post-IPO interest and sectoral momentum.

Upcoming IPO: Srigee DLM Opens May 5 with Strong Interest in SME Circles

Srigee DLM, a diversified electronics and engineering company focusing on design-led manufacturing, is set to open its IPO on May 5, 2025.

• IPO Dates: May 5 to May 7

• Issue Size: ₹35.46 crore (SME IPO)

• Price Band: ₹94–₹99 per share

• Lot Size: 1,200 shares

• Listing Exchange: NSE SME

Srigee DLM provides turnkey solutions across industries including consumer electronics, automation, and lighting. Its strong order book, client diversification, and forward-looking R&D investments have created strong SME investor interest, especially among seasoned IPO participants who track manufacturing-linked plays.

“The Make-in-India push and growth in EMS (Electronics Manufacturing Services) have made Srigee DLM an attractive SME bet,” said an analyst at The Financial Express.

Grey Market Premium (GMP) as of today is floating around ₹28–₹32, suggesting a potential listing price near ₹130.

Manoj Jewellers IPO (May 5–7): Shimmering Gold, Growing Valuation

Another SME IPO launching on May 5 is Manoj Jewellers Limited, a traditional gold and diamond jewellery business based in Gujarat. As Akshaya Tritiya passes and wedding season demand picks up, the IPO is strategically timed.

• IPO Dates: May 5 to May 7

• Issue Size: ₹15.27 crore

• Price Band: ₹52 per share

• Lot Size: 2,000 shares

• Listing Exchange: NSE SME

Manoj Jewellers, though relatively smaller in scale, boasts over 20 years of operational history and is entering the public markets with profitable books and expansion plans into e-commerce.

The IPO has found some traction among retail HNIs and Tier-2 city investors, with many seeing this as a niche consumer brand with room to grow.

GMP reports suggest a premium of ₹10–₹12, indicating a healthy demand trend for another niche SME listing.

Investor Sentiment: What’s Driving the IPO Rush?

Several factors are contributing to the robust IPO environment:

🔹 Bullish Stock Market

The Nifty 50 and Sensex have both touched lifetime highs in April 2025, encouraging promoters to unlock valuations and investors to take IPO exposure.

🔹 Rotation from Private to Public

With startup funding cooling (as discussed in our previous coverage), capital is rotating into listed and pre-IPO stage opportunities where growth and liquidity are better matched.

🔹 FOMO in Retail

Platforms like Zerodha and Upstox have recorded a 30% jump in IPO applicants compared to Q4 2024, showing heightened retail enthusiasm—particularly for IPOs with attractive GMPs and modest price bands.

SME IPOs Continue to Lead in Volume

Interestingly, SME IPOs have outpaced mainboard issues in terms of frequency in early 2025. As per SEBI filings:

• 14 SME IPOs launched in April

• Average subscription rate across SME IPOs: 5.7x

• Average GMP at listing: ₹25–₹45

SME IPOs offer quicker exit timelines, lower ticket sizes, and often provide short-term listing gains, drawing in a new wave of millennial and small-cap investors.

How to Check Allotment Status for Ather Energy

For investors waiting on the Ather Energy IPO, here’s how you can check the allotment:

1. Visit the official registrar’s website (Link Intime or KFinTech).

2. Select "Ather Energy IPO" from the dropdown.

3. Enter your PAN or Application Number or DP ID/Client ID.

4. Click submit and view your allotment.

Zerodha, Upstox, and Groww will also notify their users via in-app messages and email.

What to Expect in May: Upcoming IPOs to Track

Apart from Ather, Srigee DLM, and Manoj Jewellers, several IPOs are on track for May 2025:

Expert Take: Should You Apply?

“While Ather Energy is a long-term EV growth story, Srigee DLM offers short-term potential and solid fundamentals. Manoj Jewellers might surprise, but it’s best suited for investors who understand the jewellery retail space,” said an IPO strategist at Mint.

Angel investors and retail market participants are advised to evaluate fundamentals and not rely solely on GMP, especially in a volatile interest rate environment.

Final Thoughts

The Indian IPO market continues to flourish, with diverse companies from clean energy to traditional jewellery joining the public fold. Ather Energy’s allotment today could set the tone for the month, while Srigee DLM and Manoj Jewellers’ launches will test retail sentiment further.

With investor confidence riding high and liquidity abundant, IPOs remain a crucial wealth-building tool. However, smart investing involves research, discipline, and patience—traits that will be especially important in an IPO-heavy May 2025.