Ola Electric is set to raise ₹6,145.56 crore through its IPO. The IPO, which includes a fresh issue of 72.37 crore shares amounting to ₹5,500 crores and an offer for sale of 8.49 crore shares, aggregating to ₹645.56 crores, is priced between ₹72 to ₹76 per share. The minimum lot size for the IPO is 195 shares. The IPO opened on August 2 and will close on August 6.

Ola Electric IPO Subscription Status

As of 11:36 am on August 5, the IPO has seen a subscription status of 0.65 times. The Retail Individual Investors (RIIs) category has seen a subscription of 2.44 times, while the Non-Institutional Investors category has been subscribed 0.69 times. The Qualified Institutional Buyers (QIBs) category, however, has seen no subscriptions yet.

Ola Electric IPO GMP

The Ola Electric’s IPO GMP currently stands at ₹9.60. This is a drop from the ₹12.20 reported on Friday when the IPO opened. Adding this to the upper price band of the IPO, the expected listing price is ₹85.6. However, it’s crucial to note that while GMPs can provide some insight into market sentiment towards an IPO, they should not be considered as the sole indicator of the stock’s performance upon listing.

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Ola Electric IPO Details

Ola Electric plans to utilise ₹1,227.6 crore from the IPO proceeds to expand the capacity of its cell manufacturing plant from 5 gigawatt-hours to 6.4 gigawatt-hours. Additionally, the company aims to allocate ₹1,600 crore for research and product development, ₹800 crore to repay debts and ₹350 crore for organic growth initiatives.

Prior to the IPO, Ola Electric raised ₹2,763 crore from anchor investors, including SBI Mutual Fund, HDFC MF, Nippon India MF, Sundaram MF, Bandhan MF, Bharti Axa Life Insurance Company, Kotak Mahindra Life Insurance Company, Government Pension Fund Global, Nomura India Investment Fund, Goldman Sachs (Singapore) and Fidelity.

About Ola Electric

Established in 2017, Ola Electric Mobility is a leading player in the electric vehicle industry, manufacturing electric vehicles and key components like battery packs, motors, and vehicle frames. Since August 2021, the company has launched seven new products and announced four more, including the Ola S1 Pro, Ola S1, Ola S1 Air, Ola S1 X and Ola S1 X+. As of October 31, 2023, Ola Electric operates an omnichannel distribution network across India, comprising 870 experience centres and 431 service centres.

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