Bhavish Aggarwal's Ola Electric Mobility Limited Initial Public Offering (IPO) which kicked off on August 2 on the final day of biddig on August 6 (Tuesday) was subscribed 4.26 times, valued at Rs 6,145.56 crore.
Demand Across Investor Categories
The IPO attracted diverse interest across different investor categories:
Qualified Institutional Buyers (QIBs): Subscribed 5.31 times
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Retail Individual Investors (RIIs): Their portion was subscribed 3.85 times
Non-Institutional Investors (NIIs): This category saw a subscription rate of 2.39 times.
Employee Portion: Received a substantial 11.66 times subscription
According to the data available on the stock exchanges, the issue received bids of 1,98,14,05,530 shares against the offered 46,51,59,451 equity shares.
Price Band
The price band for the Ola Electric IPO was set between Rs 72-26.
Ola Electric IPO details
The EV maker, Ola Electric IPO was kicked off on August 2 and concludes in August 6.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, and BofA Securities India Limited, among others are the leading book running managers of this IPO.
Following the IPO, the equity shares are proposed to be listed on the Indian headline indices BSE (Bombay Stock Exchanges) and NSE (National Stock Exchanges).
Utilisation of Funds
The funds raised from the IPO will be utilised as follows:
Capacity Expansion: Rs 1,227.64 crore will be used to increase the cell manufacturing capacity at Ola Futurefactory.
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Debt Repayment: Rs 800 crore will go towards clearing existing debts.
Research and Development: Rs 1,600 crore is earmarked for R&D
Organic Growth: Rs 350 crore will support various growth initiatives.
IPO Timeline
The basis of allotment is set to be finalised by August 7 and the shares is set be credit to demat account by August 8.
The listing and trading will commence on August 8.
Ola’s Financial Highlight
Although having a challenging year, the EV maker reported a revenue of Rs 5,009.8 crore for the financial year 2024.
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