Ola Electric IPO Day 3 Highlights: Issue subscribed 4.26 times, QIBs lead; check details

Issue subscribed 4.26 times on day 3 of bidding.

Category-wise subscription

• Qualified institutional buyers (QIBs): 5.31 times
• Non-institutional investors (NIIs): 2.39 times
• Retail individual investors (RIIs): 3.86 times
• Employees: 11.66 times

Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company specialising in the manufacture of electric vehicles and essential components like battery packs, motors, and vehicle frames at its Ola future factory.

Since August 2021, the company has launched seven new products, including the Ola S1 Pro and Ola S1 models. The company recently introduced new e-bike models and motorcycles such as Diamondhead and Adventure.

Issue subscribed 4.24 times on day 3 of bidding.

Category-wise subscription

• Qualified institutional buyers (QIBs): 5.31 times
• Non-institutional investors (NIIs): 2.38 times
• Retail individual investors (RIIs): 3.77 times
• Employees: 11.46 times

The company intends to use the net proceeds for several key purposes, such as funding capital expenditures for its subsidiary to expand the capacity of its cell manufacturing plant from 5 GWh to 6.4 GWh as part of phase 2 of the expansion plan.

For repaying or pre-paying in whole or in part, a portion will be used for expenditures related to organic growth initiatives and also for general corporate purposes.

The IPO subscription window is open from August 2 to August 6. The IPO allotment status is expected to be finalised on August 7.

Refunds will be initiated for unsuccessful bidders on August 8 and shares will be credited in the Demat accounts of successful bidders the same day.

Shares of Ola Electric Mobility Limited are likely to be listed on both the NSE and BSE on August 9.

Issue subscribed 1.37 times on day 3 of bidding.

Category-wise subscription

• Qualified institutional buyers (QIBs): 0.46
• Non-institutional investors (NIIs): 1.72 times
• Retail individual investors (RIIs): 3.45 times
• Employees: 10.61 times

Ola Electric Mobility IPO price band has been set at ₹72 to ₹76 per share.

The minimum lot size for retail investors is 195 shares, amounting to an investment of ₹14,820. Small NIIs (sNII) must apply for a minimum of 14 lots (2,730 shares), amounting to an investment of ₹2,07,480. The minimum lot size for Big NIIs (bNII) is 68 lots (13,260 shares), aggregating to ₹10,07,760.

Issue subscribed 1.17 times on day 3 of bidding.

Category-wise subscription

• Qualified institutional buyers (QIBs): 0.40
• Non-institutional investors (NIIs): 1.33 times
• Retail individual investors (RIIs): 3.13 times
• Employees: 9.84 times

The initial share sale consists of a fresh issue of up to ₹5,500 crore and an offer for sale (OFS) component of up to 8.49 lakh shares. The price band for the IPO is ₹72-₹76 apiece.

Under the OFS, Ola Electric founder and Chief Executive Offer (CEO) Bhavish Aggarwal is offloading almost 3.8 crore equity shares.