OLA Electric Mobility IPO subscribed 78% so far on Day 2

5 Aug 2024 , 03:34 PM

Ola Electric Mobility’s ₹6,145 crore initial share offer received only 35% subscription on Friday, August 2, the first day of the bidding process.

Retail investors led the firm’s first public offering (IPO), investing 1.57 times the amount allocated to them.

Bids were received for 16.31 crore of the 46.51 crore shares offered in the sale, which will close on Tuesday, August 6. The Ola Electric IPO subscription rate was 35% on the first day of bidding.

The offering price ranges from ₹72 to ₹76 per equity share with a face value of ₹10. The company received ₹2,763 crore from major investors prior to the IPO subscription deadline on Thursday, August 1. Ola Electric’s ₹6,146 crore IPO is the largest since the state-owned LIC of India’s ₹21,000 crore IPO in May 2022.

The IPO includes a fresh issue of equity shares up to ₹5,500 crore and an offer for sale (OFS) of 8.49 lakh equity shares valued at ₹645.56 crore at the top end of the price range by investors and promoters. Under the OFS, Ola Electric’s founder, Bhavish Aggarwal, will sell around 3.8 crore shares.

According to BSE data, the subscription status for Ola Electric IPO is 78% as of 15:31 IST.

Retail investors subscribed 2.78 times, while non-institutional investors subscribed 94%. The portion reserved for Qualified Institutional Buyers (QIBs) is yet to be booked, whereas the employee portion has been booked 8.74 times.

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