Established in 2017 by Bhavish Aggarwal, Ola Electric Mobility Limited is a company specialising in electric vehicles.
The initial public offering (IPO) of Ola Electric will open for subscription on August 2 looking to raise Rs 6,145.56 crore.
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Established in 2017 by Bhavish Aggarwal, Ola Electric Mobility Limited is a company specialising in electric vehicles. It focusses on producing electric vehicles and essential components, including battery packs, motors, and vehicle frames, at its Ola Futurefactory.
“This IPO includes a fresh issue of shares worth Rs 5,500 crore. Allocation of IPO Proceeds; A) Expanding Ola Gigafactory’s cell manufacturing capacity B) Debt repayment C) Research and development initiatives D) Organic business expansion E) General purposes,” said Master Capital Services Ltd.
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“With a 35% market share in India’s electric two-wheeler market in FY24, up from 21% in FY23, Ola Electric sold 3.29 lakh units in FY24, more than doubling its sales from the previous year. IPO not only showcases Ola Electric’s growth and market leadership but also highlights the potential of the EV sector. Investors are encouraged to review the company’s prospectus, financial statements, and risk factors before making any investment decisions,” it added.
10 things to know before subscribing to Ola Electric IPO
Subscription period: The IPO of Ola Electric will be open for subscription from August 2 till August 6, 2024.
Price band: The price band for the Ola Electric IPO is set between Rs 72 and Rs 76 per share.
Fundraising target: Ola Electric IPO is a book-built issue worth Rs 6,145.56 crore.
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Issue division: The IPO is a mix of fresh issue of 72.37 crore shares worth Rs 5,500.00 crore, along with an offer to sell 8.49 crore shares valued at Rs 645.56 crore.
Lot size: The minimum lot size for an application is 195 shares, requiring a minimum investment of Rs 14,820 for retail investors.
For sNII investors, the minimum investment amount is 14 lots, which comes to 2,730 shares, totalling Rs 207,480. For bNII investors, the minimum investment is 68 lots, or 13,260 shares, amounting to Rs 1,007,760.
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Allotment date: Finalisation of share allocation for the Ola Electric IPO is expected on Wednesday, August 7, 2024.
Listing date: The shares of Ola Electric is expected to list on stock exchanges on Friday, August 9, 2024..
Registrar: Link Intime India Private Ltd is the registrar for the issue of Ola Electric IPO.
Listing platforms: The shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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Grey market premium (GMP): The Grey Market Premium (GMP) for the OLA Electric IPO is Rs 12, as of July 29, 2024, at 12:30 PM.
With a price band set at Rs 76.00, the estimated listing price for the OLA Electric IPO is Rs 88, combining the cap price with today’s GMP. This translates to an expected percentage gain or loss of 15.79% per share.
