Ola Electric IPO closes today

6 Aug 2024 , 11:32 AM

Ola Electric Mobility Ltd’s IPO began on August 2, 2024, and will close today on August 6. The IPO price range is set between ₹72 and ₹76 per share.

Share allotment is expected to be finalized on August 6, with listing on BSE and NSE anticipated on August 8.

On the third of bidding, at the time of writing on August 6, 2024 at 10:45 am, Retail component subscribed 3.12 times, non-institutional investors 1.29 times, and qualified institutional buyers (QIBs) 0.40 times.

On the first day of bidding, August 2, 35% of the ₹6,145 Crore initial share offer was subscribed. Anchor investors contributed ₹2,763 crore before the IPO subscription period ends on August 6. IPO allocates 75% of shares for QIBs, 15% for non-institutional investors, and 10% for retail investors.

Ola Electric produces EVs and key parts like motors, battery packs, and chassis, focusing on India’s transportation electrification and future international sales.

Ola S1 Pro, the first electric vehicle, shipped in December 2021, followed by Ola S1 Air, Ola S1 X+, and Ola S1 in September 2022.

IPO includes fresh equity share issuance up to ₹5,500 Crore and an offer for sale (OFS) of 8.49 Crore equity shares by investors and promoters, with founder Bhavish Aggarwal selling around 3.8 Crore shares.

IPO funds will be used to pay down subsidiary OET’s debt, support organic growth, research and product development, and general corporate purposes. Subsidiary OCT will invest in expanding plant capacity from 5 GWh to 6.4 GWh, part of phase 2 of the expansion plan.