The allotment for Ola Electric IPO was finalised on Wednesday, August 7. Investors who were successfully allotted the company's shares can expect them in their demat account on Thursday, August 8. The share allotment status was made available on Link Intime India Private Ltd. and the BSE website.
For those who failed to secure the allotment can expect the initiation of refunds to be completed on August 8.
The initial public offering of Ola Electric Mobility Ltd. was subscribed more than 4 times on its final day, led by demand from the portion reserved for employees and qualified institutional investors.
The IPO was subscribed 4.27 times as of 5:30 p.m. on Tuesday.
Qualified institutional buyers: 5.31 times.
Non-institutional investors: 2.40 times.
Retail investors: 3.92 times.
Employee reserved: 11.99 times.
Ola Electric Mobility Limited Listing Date
The shares of Ola Electric Mobility Limited will be listed on the Bombay Stock Exchange and the National Stock Exchange on Friday, August 9.
Ola Electric IPO Details
The IPO of the electronic scooter-manufacturer had opened for subscription on Friday to raise up to Rs 6,145.6 crore and closed for subscription on August 6.
The IPO consists of a fresh issue of 72.4 crore shares worth Rs 5,500 crore and an offer for sale of 8.49 crore shares aggregating Rs 645.6 crore by existing shareholders, according to the red herring prospectus.
The price band was set at Rs 72–76 per share, valuing the company at Rs 33,522 crore or about $4 billion—a steep discount from $5.4 billion at its last funding round in December 2023.
Founder Bhavish Aggarwal is offloading 3.8 crore shares, while investors SoftBank Group Corp. and Tiger Global are selling 2.4 crore and 65 lakh shares respectively.
Axis Capital, BofA Securities, BoB Capital Markets, Citigroup India Global Markets, Goldman Sachs (India) Securities, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets are the book-running lead managers.
Ahead of its public issue, the electronic vehicle maker raised Rs 2,763 crore from anchor investors, led by mutual funds.
Ola Electric IPO Subscription Details
Subscription Day 3:
Total Subscription: 4.27 times.
Qualified institutional buyers: 5.31 times.
Non-institutional investors: 2.40 times.
Retail investors: 3.92 times.
Employee reserved: 11.99 times.
Subscription Day 2:
Total Subscription: 1.06 times.
Qualified institutional buyers: 0.40 times or 40%.
Non-institutional investors: 1.11 times.
Retail investors: 2.87 times.
Employee reserved: 8.98 times.
Subscription Day 1:
Total Subscription: 0.35 times.
Qualified institutional buyers: Nil.
Non-institutional investors: 0.20 times or 20%.
Retail investors: 1.57 times.
Employee reserved: 4.88 times.
About Ola Electric
Ola Electric Mobility Limited, founded in 2017, is an electric vehicle company that makes electric vehicles and their key components like battery packs and motors at the Ola Futurefactory. Since August 2021, they have launched seven new products, including the Ola S1 Pro, Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+. On August 15, 2023, they announced more EV models and motorcycles like Diamondhead, Adventure, Roadster, and Cruiser. The company focuses on developing vertically integrated technology and manufacturing capabilities for EV's and their components, including cells.
Ola Electric plans to use the proceeds from its IPO for several key initiatives. The company will allocate Rs 1,227.6 crore towards capital expenditure, Rs 800 crore for the repayment of borrowings and Rs 1,600 crore for investment in research and development. Additionally, Rs 350 crore will be earmarked for expenditure aimed at organic growth.
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