 "Ola electric ipo")
Ola Electric IPO: The initial public offering (IPO) of Bhavish Aggarwal-led Ola Electric has been getting a steady response from investors so far. Ola Electric IPO, which opened to the public on Friday, August 2, 2024, has been subscribed 0.71 times as of today, August 5, 2024, at 12:29 PM.
Retail investors led the charge, subscribing to the IPO 2.66 times, with bids for 21,47,01,435 shares against 8,07,90,252 shares available for the category. This was followed by non-institutional investors (NII) with a subscription of 0.76 times, bidding for 9,24,80,310 shares against 12,11,85,387 shares offered for the category.
The public issue has received bids for 6,23,805 shares from qualified institutional buyers (QIB) against 24,23,70,750 shares offered for the category.
The subscription window for the Ola Electric IPO, which is available at a price band of Rs 72-76 apiece, closes on Tuesday, August 6, 2024. Investors can bid for a minimum of 195 shares and in multiples thereof, with a minimum investment requirement of Rs 14,820 for retail investors.
Ola Electric IPO GMP
The grey market premium (GMP) for the Ola Electric IPO was quoted at around Rs 10 or nearly 13 per cent at the upper end of the IPO price band. The GMP usually indicates the demand for a public issue among investors.
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Ola Electric IPO key details
With the public issue, Ola Electric is offering a fresh issue of 723,684,210 equity shares, aggregating up to Rs 5,500 crore. The IPO also comprises an offer for sale, with promoters and investors offloading 84,941,997 shares of the company with a face value of Rs 10 apiece.
The basis of allotment for Ola Electric shares is scheduled to be held on Wednesday, August 7, 2024. Ola Electric shares are likely to list on the bourses—BSE and NSE—on Friday, August 9, 2024.
For the Ola Electric IPO, Link Intime India is the registrar, while BofA Securities India, Goldman Sachs (India) Securities Private, Kotak Mahindra Capital Company, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, BoB Capital Markets, and ICICI Securities are the book-running lead managers for the issue.
Ola Electric Mobility Limited is a pure electric vehicle (EV) player and commands nearly a 35 per cent market share in India's electric two-wheeler market in FY24.
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