Ola Electric Mobility IPO Day 2: Fully Subscribed At 1.06x Amid Weak Market Sentiments

Despite having a challenging market conditions oe weak marker sentiments, Bhavish Aggarwal's Ola Electric Mobility Limited Initial Public Offering (IPO) on the second day (Day 2) of bidding was fully subscribed.

The electric vehicle maker IPO, valued at Rs 6,145.56 crore, received bids for 49,43,85,840 shares against the offered 46,51,59,451 equity shares, has achieved an overall subscription of 1.06 times.

The breakdown of the subscription data are as follows:

- Employee Portion: 8.98 times subscribed

- Retail Portion: 2.87 times subscribed

- Non-Institutional Investors (NII) Portion: 1.11 times subscribed

- Qualified Institutional Buyers (QIBs) Portion: 0.40 times subscribed

Price Band

The price band of the IPo is set between Rs 72 to Rs 76 per share.

Ola Electric IPO details

The EV manufacturer, IPO opened for subscription on August 2, 2024 and is scheduled to close on August 6, 2024.

The book running lead managers for this include Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, and BofA Securities India Limited, among others.

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).

Ahead of the IPO opening, the EV maker, raised Rs 2,763 crore from anchor investors such as SBI MF, HDFC MF, Nippon MF, and Goldman Sachs, among others.

About the company

Ola Electric , one of the largest EV maker in the countru manufactures EV components such as battery packs, motors, and vehicle frames at its state-of-the-art Ola Futurefactory.

In December 2021, the company began its first EV model delivery, the Ola S1 Pro, which was later followed by other models siuch as Ola S1, the Ola S1 Air, and the Ola S1 X+ in subsequent years.