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Ola Electric Mobility IPO price band announced, opens on August 2: 10 points
Ola Electric IPO: Investors who subscribe to the issue need to apply in a lot size of 195 equity shares and its multiples thereafter.
The initial public offering (IPO) of Ola Electric Mobility will open for subscription on August 2. The electric vehicle (EV) maker's IPO has a price band of ₹72-76 apiece. Those who subscribe to the issue need to apply in a lot size of 195 equity shares and its multiples thereafter. The Bengaluru-based company's IPO will close on August 6. Shares of the company will be listed on both BSE and NSE likely on August 9. Here's everything you need to know about Ola IPO:
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1. Company profile: Ola Electric Mobility, founded in 2017, is an electric vehicle company which primarily manufactures electric vehicles and certain core components for electric vehicles.
2. IPO details: Ola Electric IPO comprises a fresh share sale of up to ₹5,500 crore and offer-for-sale (OFS) of up to 8,49,41,997 equity shares by its promoters and existing shareholders.
3. OFS details: Promoter Bhavish Aggarwal and promoter group's Indus Trust, along with other shareholders including Alpha Wave Ventures, Alpine Opportunities Fund, Internet Funds III, MacRitchie Investment, Matrix Partners India Investments, SFV II Ostrich (DE), Ashna Advisors and Tekne Private Ventures XV will participate in the OFS.
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4. IPO objectives: Net proceeds from the IPO will be used by Ola Electric towards capital expenditure to be incurred by its subsidiary OCT for expansion, repayment or pre-payment, research and product development and general corporate purposes.
5. Ola Electric has launched seven new products and announced four.
6. Ola Electric reported a net loss of ₹1,584.40 crore with a revenue of ₹5,243.27 crore for the financial year ended on March 31, 2024.
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7. In the IPO, Ola Electric has reserved shares worth ₹5.5 crore for the eligible employees of the company who will get a discount of ₹7 per share in the issue.
8. The IPO reserves 75 per cent of the net offer for qualified institutional bidders, non-institutional investors will get 15 per cent and retail investors will have only 10 per cent of the offer.
9. Kotak Mahindra Capital, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities and BOB Capital Markets are the book running lead managers of the OLA Electric IPO.
10. Link Intime India is the registrar for the issue.
