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The Ola Electric IPO has begun on a good note, with retail and employee subscriptions leading the way
The Ola Electric IPO has begun on a good note, with retail and employee subscriptions leading the way. Retail investors have bought 1.33 times their share, while employees have bought 4.37 times. The part for qualified institutional buyers hasn’t started yet, but non-institutional investors have bought 13% of their shares. So far, 29% of the Ola Electric IPO has been sold.
Ola Electric Mobility Limited, founded in 2017 by Bhavish Aggarwal, makes electric vehicles and parts like batteries and motors at its Ola Future factory. The IPO includes 72.37 crore new shares and 8.49 crore shares for sale, raising ₹5,500 crore. It will be open from August 2 to August 6, 2024, with share allotment on August 7, 2024, and listing on BSE and NSE tentatively on August 9, 2024.
The IPO’s price range is from ₹72 to ₹76 per share, with a minimum investment of ₹14,820 for retail investors. For institutional investors, the minimum is higher, depending on the size of the investment. Kotak Mahindra Capital Company Limited, BofA Securities India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, and BOBCAPITAL Markets Limited are managing the IPO, with Link Intime India Private Ltd handling the registration.
