Ola electric mobility shares plummeted down more than 7 per cent on the NSE (National Stock Exchange) as the IPO lock-in period for anchor investors ended on November 5, 2024.
The stock went on to touch the day-low of Rs 74.81 per share on the Indian stock exchanges after the share opened in a negative zone at Rs 80.04 per share on the Indian bourses.
The Ola electric mobility shares plummeted and were trading around Rs 75.32 per share on the NSE (National Stock Exchange), with a decline of 6.83 per cent amounting to a Rs 5.52 per share move in the negative territory.
Anchor lock-in for 90 days
The outcome of the three-month anchor lock-in period suggests that the 18.18 crore Ola Electric shares that anchor investors had locked in are now open for market trading.
It is crucial to remember that the expiration of the lock-in period does not guarantee that all of these shares will be sold. Simply put, these shares can be traded.
Achor lock in regulation
Regulations state that there is a lock-in period for the shares that anchor investors bought during the IPO. After the grant date, 50 per cent of the shares granted to anchor investors are locked for 30 days, and the remaining 50 per cent are locked for 90 days.
Total fund raising from IPO
On August 2, 2024, Ola Electric launched its initial public offering (IPO), raising Rs 6,145.56 crore from the primary market.
By distributing 36.35 crore shares to different domestic and foreign institutions at the IPO's upper price band of Rs 76 per share, Ola Electric was able to scoop up Rs 2,763 crore from anchor investors ahead of the issue opening.
