The initial public offering (IPO) of Ola Electric Mobility Ltd, a manufacturer of electric two-wheelers, has concluded. The allotment for Ola Electric IPO was finalised today, August 7, 2024. The issue opened for subscription on August 2 and closed on August 6. The leading electric two-wheeler maker is expected to make its debut on the exchanges on August 9. The shares will be credited into the respective demat accounts on August 8. Investors whose bids have been rejected will receive their refund on the same day.
Ola Electric IPO Subscription Status
Bhavish Aggarwal-led Ola Electric Mobility’s IPO, valued at Rs 6,145.56 crore, gained solid investor interest as it was oversubscribed by 4.45 times by the end of the bidding period on August 6. The IPO received bids for 198.17 crore equity shares compared to the 44.5 crore shares on offer. The public issue recorded a subscription rate of 4.05 times in the retail category, 5.53 times from Qualified Institutional Buyers (QIBs), and 2.51 times in the Non-Institutional Investors (NII) category. In addition, the company raised Rs 2,763 crore from anchor investors in the preceding week.
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Ola Electric IPO Allotment Status
Follow the steps below to check Ola IPO allotment status on the BSE website:
1. Open the BSE IPO allotment status page and click on the IPO allotment status section
2. Select ‘Equity’ from the available issue types
3. lick on ‘Ola Electric Mobility’ from the drop-down menu to specify the IPO you are looking at
4. Enter your IPO application number or Permanent Account Number (PAN) in the designated column to identify your application
5. After entering the required details, click the ‘Search’ button
6. The status of your IPO allotment will appear
Follow the steps below to check the allotment status on the registrar’s website:
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1. Visit the official website of Link Intime India Pvt Ltd, the registrar for the IPO.
2. Choose ‘Ola Electric Mobility’ from the drop-down menu to proceed with your query.
3. Select one of the following options to verify your allotment – Permanent Account Number (PAN), Application number, DP/Client ID or account number/IFSC.
4. Enter the required details as per your chosen identification option.
5. This will allow the system to retrieve and display your IPO allotment status.
Ola Electric IPO Issue Size
The IPO comprises a fresh issue of 72.37 crore equity shares, amounting to Rs 5,500 crore, and an offer-for-sale of 8.49 crore shares, amounting to Rs 645.56 crore.
The price band for Ola Electric IPO was set between Rs 72-76 per share. Retail investors were allowed to apply for a minimum of one lot comprising of 195 shares and in multiples thereafter, with the minimum investment amounting to Rs 14,820.
For small and medium-sized institutional investors (sNII), the minimum investment was set at 14 lots, amounting to Rs 2,07,480. Large institutional investors (bNII) were required to invest in a minimum of 68 lots, amounting to Rs 10,07,760.
In addition, the public issue includes a special reservation of up to 797,101 shares for employees, offered at a discounted rate of Rs 7 per share compared to the issue price.
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Ola Electric IPO Grey Market Premium (GMP)
The grey market premium (GMP) of Ola Electric IPO declined on Wednesday. The company’s shares are currently trading at a discount of Rs 3 or 4 per cent over the upper price band of the IPO, according to several websites that track grey market activities. This suggests that Ola Electric shares may list around Rs 73, a discount of around 4 per cent from the upper price band.
Founded in 2017, Ola Electric Mobility focuses on developing advanced technology and manufacturing capabilities for EVs and their components, including battery cells. The company has launched seven products, securing a leading position in the E2W market with a 35 per cent market share in FY24.
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