Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
The initial public offering (IPO) of Ola Electric Mobility Ltd opened for public subscription on August 2, 2024, and will close on August 6. The IPO aims to raise up to ₹6,145.6 crore, consisting of a fresh issue of equity shares worth ₹5,500 crore and an offer for sale (OFS) of ₹645.6 crore by existing shareholders.
The Ola Electric IPO subscription status is 0.39 times. The quota for retail investors received 1.75 times subscription, while the non-institutional investors part got subscribed 0.22 times. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 5.62 times. The price band for the shares is set between ₹72 and ₹76, with share allotment expected to be finalized on August 6 and listing on both BSE and NSE anticipated on August 8.
Ola Electric plans to utilize the funds raised from the IPO for various initiatives, including expanding its cell manufacturing plant capacity, investing in research and development, repaying debts, and supporting organic growth initiatives. Specifically, ₹1,227.6 crore will be allocated for capital expenditure, ₹1,600 crore for R&D, ₹800 crore for debt repayment, and ₹350 crore for growth initiatives.
This IPO marks a significant event as it is the first-ever electric two-wheeler listing on Indian stock exchanges, reflecting the growing interest in electric mobility in India. The company has raised ₹2,763 crore from anchor investors ahead of the public subscription.
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