An adaptation of Joe Dunthorne's novel, Submarine centres on 15-year-old Swansea boy Oliver Tate (Roberts) as he romances classmate Jordana Bevan and attempts to stop his parents splitting up. Dunthorne's novel has drawn comparisons with JD Salinger's classic teen angst tale Catcher In The Rye.
Michael Sheen had previously been slated to star in the Warp Films adaptation, but is no longer attached to the project.
Ayoade, a music video helmer known for his acting roles in The IT Crowd and Garth Marenghi's Darkplace, also adapted the screenplay.
Submarine started filming earlier this week in Cardiff and will wrap up production in seven weeks. Andy Stebbing, Mark Herbert and Mary Burke are producing the coming-of-age comedy alongside Ben Stiller's Red Hour Films company, Film4, the UK Film Council, Wales Creative IP Fund and Film Agency Wales.