Ola Electric, a top electric vehicle (EV) industry leader, will launch its Softbank-backed initial public offering (IPO) on Friday, August 2, 2024. The Bhavish Aggarwal-led company, which has approximately a 35% market share in India’s electric two-wheeler market in FY24, is focused on developing vertically integrated technology and production capabilities for EVs and EV components, including cells.
The Ola Electric IPO consists of 723,684,210 equity shares worth about ₹5,500 crore and an offer for sale, with the promoters and investors selling 84,941,997 shares worth ₹645.56 crore. The public offering will be available at a price range of ₹72-76 per share, with a lot size of 195.
Investors can bid on a minimum of 195 shares of the Ola Electric IPO and multiples thereof. A individual investor must pay at least ₹14,820 to participate in the Ola Electric IPO.
The three-day subscription window for Ola Electric’s IPO will close on Tuesday, August 6, 2024. The basis of allotment for the Ola Electric IPO shares is set for Wednesday, August 7, 2024, with the company’s shares expected to be credited to demat accounts on Thursday, August 8, 2024. Ola Electric shares are set to make their debut on the BSE and NSE on Friday, August 9, 2024.
The non-institutional investor category was 20% subscribed, compared to 155% subscription of the retail investor quota. The employee portion was booked 4.86 times, but the component for qualified institutional buyers (QIBs) had bids for 83,070 shares as of 4:57 pm.
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