One of the most anticipated IPOs of the year, Ola Electric is set to raise ₹6,145.56 crore. 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
The IPO has seen a subscription status of 1.60 times as of 1:24 pm on August 5. The Retail Individual Investors (RIIs) category has seen a subscription of 3.53 times, while the Non-Institutional Investors category has been subscribed 1.94 times. The Qualified Institutional Buyers (QIBs) category has seen 76% subscriptions till now.
Ola Electric IPO GMP
The Ola Electric's IPO GMP currently stands at ₹1.50. 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 ₹77.50. 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.
See Also: IRFC To Post Q1 Financial Results On August 12: What Investors Can Expect
Ola Electric IPO Details
Ola Electric plans to utilise ₹1,227.6 crore from the 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, the company 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 the biggest 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.
Read Next: Tata Elxsi and Skanray Collaborate To Transform Surgical Imaging And Healthcare
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.