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Ola Electric IPO: Issue closes today, see subscription, GMP, other details
Ola Electric IPO Last Date raised ₹2,763.03 crore from anchor investors, offering 363.6 million shares.
The Ola Electric IPO bidding closes today on August 6, 2024. So far, the issue has been subscribed 1.12 times as of August 5, with retail investors subscribing over 3 times the number of shares offered.
The EV maker had opened its IPO on August 2 to raise ₹6,145.56 crore using a combination of fresh shares and an offer for sale (OFS).
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What is the Grey market premium (GMP) of Ola Electric shares?
Ola Electric shares fetched a premium of more than 3% in the grey market. This is a place outside of stock exchanges where shares are illegally traded before the listing.
What is the Price Band of Ola Electric shares?
The price band is between ₹72 to ₹76 per equity share, with the share allotment expected to be finalised on August 7 and the listing expected to take place on August 9 on both the NSE and BSE.
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Retail investors have to apply for at least 195 shares or one lot which adds up to ₹14,820. However, there are different lot sizes for Non-Institutional Investor (NIIs) and Qualified Institutional Buyers (QIBs).
How many Ola Electric shares are reserved for employees?
Ola Electric has reserved up to 797,101 shares for its employees at a discount of ₹7 compared to the issue price.
Who are the book-running lead managers and registrar of the Ola Electric IPO?
Axis Capital, BoB Capital Markets, BofA Securities India, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets are the book-running lead managers of the IPO.
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The registrar for the issue is Link Intime India.
Expert’s Take on IPO
“We believe Ola Electric’s EV market share of CY24TD is not sustainable, given peers have yet to ramp up their product portfolio and distribution network, Elara Securities wrote in its IPO note, adding that “investment in cell manufacturing is a double-edged sword because to claim advanced chemistry cell (ACC) PLI, it will have to ramp up capacity to 20GWh by FY28 while captive demand could be much lower.”
"Even Tesla (TSLA US, CMP: USD223, Not Rated) is finding the going tough to stabilize 4680 cells; hence, scale and cost benefits would be difficult to realize for the 2W arm of Ola Electric,” the note added.
