The much-anticipated debut of the Bhavish Aggarwal-led Ola Electric Mobility Ltd. is likely to be muted following sluggish participation from non-institutional investors during its public issue in what was a rather exceptional year for other offerings.
The electronic scooter manufacturer will list on the country's bourses on Friday at an issue price of Rs 76 per share. The initial public offering was subscribed 4.27 times on the final day, led by the portion reserved for employees and qualified institutional investors.
Non-institutional investors subscribed by a mere 2.40 times while qualified institutional investors oversubscribed by 5.31 times during the public issue.
Founder Bhavish Aggarwal offloaded 3.8 crore shares, while investors SoftBank Group Corp. and Tiger Global are selling 2.4 crore and 65 lakh shares respectively.
The Bengaluru-based company specialises in electric scooters. It was founded in 2017 and apart from scooters, it also makes certain core components for electric vehicles, such as battery packs, motors, and vehicle frames at the Ola Future Factory.
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