Ola Electric IPO allotment expected today: Steps to check status on NSE, Link Intime India

Leading electric two-wheeler maker Ola Electric Mobility is expected to finalise the IPO share allotment on Wednesday, August 7. The ₹6,145-crore initial public offer of Ola Electric was booked more than 4 times at the close of bidding on August 6.

Investors can check the Ola Electric share allotment status online once the company finalises the share allocation. The allotment status will be updated on the websites of NSE, BSE and the IPO registrar following the finalisation of share allocation.

Steps to check Ola Electric Mobility Limited IPO share allotment on the registrar website

• Go to Link Intime India Pvt ltd website (https://www.linkintime.co.in/)
• Click on Investor Services
• Select Public Issues
• Select Ola Electric Mobility Limited
• Enter application No or PAN, DP/Client ID or Account No / IFSC
• Submit to check allotment status

Steps to check Ola Electric Mobility Limited IPO share allotment on NSE

• Open NSE IPO allotment status page: https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
• Login with username and password (Investors need to create username and password on NSE website)
• Select Ola Electric Mobility Limited
• Verify PAN
• Enter IPO application No
• Click on Submit

Investors can also check the IPO share allotment status on the BSE website using their PAN and bank account details.

Ola Electric IPO comprised a fresh issue of up to ₹5,500 crore and an Offer for Sale (OFS) of 8,49,41,997 equity shares worth up to ₹646 crore. The company fixed the price band for the IPO at ₹72-76 a share.

Ola Electric founder Bhavish Aggarwal offloaded around 3.8 crore shares through the OFS.

The IPO listing date has been tentatively fixed as August 9. Shares of Ola Electric Mobility will be listed on the NSE and BSE.

At the close of bidding on Tuesday, the Ola Electric Mobility IPO was subscribed 4.27 times. According to NSE data, the IPO received applications for 198.79 crore shares against 46,51,59,451 shares on offer.

The Qualified Institutional Buyers’ (QIBs) quota was booked 5.31 times. The Retail Individual Investors (RIIs) portion was subscribed 3.92 times. The non-institutional investors’ quota was booked 2.40 times. The company raised ₹ 2,763 crore from anchor investors last week.

Ola Electric has proposed to utilise the IPO proceeds to boost its cell manufacturing capacity and R&D on future technologies and products. The company will use part of the IPO funding to expand the capacity of its cell manufacturing plant to 6.4 GWh from 5 GWh.

Around ₹1,600 crore will be used for investment into research and product development. ₹800 crore will be utilise to repay debts and ₹350 crore for organic growth initiatives.

The company plans to finance the Phase 1 (a) and Phase 1 (b) of the Ola Gigafactory at Krishnagiri district in Tamil Nadu from internal accruals and long-term borrowings. The debt has been availed by its subsidiary Ola Cell Technologies Pvt Ltd (OCT).

A part of the IPO proceeds would be used to fund OCT's capital expenditures for expanding the capacity of its cell manufacturing plant from 5 GWh to 6.4 GWh.