Ola Electric IPO subscribed 35% on day 1: Check price band, lot size and other key details

Ola Electric Mobility IPO opened to a lukewarm demand on Friday, August 2, as the public offer was booked only 35% on the first day of bidding.

The initial public offer of Ola Electric Mobility Limited received bids for over 16.34 crore shares against 46.51 crore shares on offer on the first day of bidding.

Retail individual investors applied for over 13.31 crore shares against 8.48 crore shares set aside for the category. The retail portion of the IPO was booked 1.57 times. In the Non-Institutional Investors (NIIs) category the issue was booked only 20% with bids for 2.6 crore shares against 12.72 crore shares set aside for the segment.

The Qualified Institutional Buyers (QIBs) applied only for 1.44 lakh shares compared to nearly 25.23 crore shares reserved for the category.

Ola Electric IPO offer size, price band and other details

Ola Electric IPO, valued at ₹6,145.56 crore, consists of a combination of a fresh issuance of 72.37 crore shares aggregating to ₹5,500.00 crore and an offer-for-sale (OFS) of 8.49 crore shares aggregating to ₹645.56 crore.

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

Retail investors interested in applying for the Ola Electric IPO can place bids for a minimum lot size of 195 shares, which aggregates to an investment of ₹14,820. Big Non-Institutional Investors (bNIIs) can place bids for a minimum of 68 lots (13,260 shares), aggregating to an investment of ₹10,07,760. Small Non-Institutional Investors (sNIIs) can place bids for a minimum lot size of 4 lots (2,730 shares), amounting to an investment of ₹2,07,480.

Ola Electric IPO: Key dates

Ola Electric IPO subscription will close on Tuesday, August 6. The IPO share allotment status is expected to be finalised on Wednesday, August 7. Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on Thursday, August 8, and successful bidders will receive shares in their Demat accounts the same day.

Shares of Ola Electric will list on the NSE and BSE. The tentative listing date for Ola Electric IPO is August 9.

OLA Electric IPO registrar

The registrar for Ola Electric IPO is Link Intime India Private Ltd. The book-running lead managers for Ola Electric IPO are: Kotak Mahindra Capital Company Limited, Bofa Securities India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited and Bob Capital Markets Limited.

Ola Electric: Key financials

In FY24 Ola Electric’s revenue increased over 88% to ₹5,243.27 crore compared to ₹2,782.7 crore in FY23. The company’s net loss grew to ₹1,584.4 crore in FY24 compared to ₹1,472.08 lakh in FY23. In FY24, the electric two-wheeler maker’s net worth fell over 14% to ₹2,019.34 crore compared to ₹2,356.44 crore in FY23.

Ola Electric IPO objective

Ola Electric plans to use the money raised via the public issue for capital expenditure to be incurred by its subsidiary Ola Cell Technology for capacity expansion of its cell manufacturing plant. The money will also be used for repayment or pre-payment of its subsidiary, Ola Electric Technologies Private Limited’s (OET) borrowings.

Ola Electric will also use the proceeds for investing in research and product development. A portion of the proceeds will also be used for expenditure to be incurred for organic growth initiatives and general corporate purposes.

About Ola Electric Mobility Limited

Ola Electric Mobility Limited was founded in 2017. The company is a manufacturer of electric vehicles and core components for electric vehicles. The company has a network of 870 experience centres and 431 service centres. As of March 31, 2024, the company employed 959 workers.