Ola Electric, a major player in the country electric vehicle (EV) market launched its much-anticipated Initial Public Offering (IPO) on Friday, August 2, 2024.
The IPO opened for subscription on Friday, August 2, and is set to close on Tuesday, August 6. The price band for the IPO is set between Rs 72 and RS 76 per equity share.
Ola Electric Mobility IPO Day 1
On the first day, the IPO was subscribed 35 per cent, with the retail portion fully subscribed within just 180 minutes.
On the end of the first day, the retail section had a subscription rate of 1.57 times.
Ola S1 X (This is a Representative Image ) |
The employee portion of the IPO saw the highest level of subscription, being oversubscribed by 4.88 times.
Non-Institutional Investors (NIIs)
The NII portion was subscribed 0.20 times by the end of the day 1.
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A day before the IPO opened, the EV maker raised Rs 2,763 crores from prominent anchor investors.
The anchor list included SBI Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, and international players like Goldman Sachs and Morgan Stanley.
Ola Electric Mobility Limited IPO subscribed 35% on Day 1 | Freepik
Lead Managers and Registrar
The IPO's lead managers include Kotak Mahindra Capital, Bofa Securities, Axis Capital, SBI Capital Markets, Citi Global Markets, Goldman Sachs Securities, ICICI Securities, and BOB Capital Markets. Link Intime India Private Limited is the registrar for this issue.
The equity shares are proposed to be listed on the Indian headline indices BSE and NSE.
Financial Performance
Between March 31, 2023, and March 31, 2024, the company's revenue surged by 88.42 per cent. Despite the revenue growth, the company saw a decline in PAT by 7.63 per cent during the same period.
