Ola Electric Mobility Limited’s initial public offer (IPO) received significant interest, being subscribed 4.26 times by the close of bidding on August 6, 2024. The IPO saw strong participation across various investor categories.
IPO Subscription Details
- Overall Subscription: 4.26 times
- Qualified Institutional Buyers (QIB): 5.31 times
- Non-Institutional Investors (NII): 2.39 times
- Retail Investors: 3.86 times
- Employee Reserved: 11.67 times
The IPO received bids for 198.17 crore shares compared to the 46.51 crore shares on offer.
Key Information
- Bidding Period: August 2, 2024, to August 6, 2024
- Price Band: ₹72 to ₹76 per share
- Minimum Bid: 195 equity shares and multiples thereof
| Category | Subscription Times |
|---|---|
| Overall | 4.26 |
| QIB | 5.31 |
| NII | 2.39 |
| Retail | 3.86 |
| Employee Reserved | 11.67 |
IPO Structure
The IPO consists of a fresh issue of equity shares worth up to ₹5,500 crore and an offer for sale of 8,49,41,997 equity shares, totaling ₹645.56 crore by existing shareholders.
Use of Proceeds
- Capital Expenditure: ₹1,227.64 crore
- Debt Repayment: ₹800 crore
- R&D Development: ₹1,600 crore
- Organic Growth Initiatives: ₹350 crore
- General Corporate Purposes: Remaining funds
Company Overview
Ola Electric Mobility is a leading manufacturer of electric vehicles (EVs) and core EV components such as battery packs, motors, and vehicle frames. The company operates the Ola Future factory and has an extensive direct-to-customer (D2C) distribution network across India, which includes 870 experience centers and 431 service centers.
Ahead of the IPO, Ola Electric raised ₹2,763.03 crore from anchor investors, allotting 36.36 lakh shares at ₹76 each to 84 anchor investors. This strong interest from both institutional and retail investors underscores the market’s confidence in Ola Electric’s growth potential in the EV sector
