The Ola Electric Mobility Limited IPO comprises a fresh issue of 72.37 crore shares
The initial public offering (IPO) of Ola Electric Mobility Ltd, a manufacturer of electric two-wheelers, has concluded. Investors are now awaiting the Ola Electric IPO allotment, which is expected to be finalized on August 7. To check the status of the IPO allotment, investors can visit the BSE website or the official portal of the IPO registrar, Link Intime India Private Ltd.
To check your allotment status on the BSE website, follow these steps:
- Head to the BSE IPO allotment status page and locate the IPO allotment status section.
- Once on the allotment status page, choose 'Equity' from the available issue types.
- Choose 'Ola Electric Mobility' from the drop-down menu to specify the IPO you are looking at.
- Provide your IPO application number or Permanent Account Number in the designated field to identify your application.
- After entering the required details, click the 'Search' button.
- This will display the status of your IPO allotment, showing whether you have been allocated shares.
Here are the steps to check the allotment status on the registrar's website:
- Start by visiting the official website of Link Intime India Pvt Ltd, the registrar for the IPO.
- From the available options in the drop-down menu, choose 'Ola Electric Mobility' to proceed with your query.
- Then you will need to select one of the following options to verify your allotment - Permanent Account Number, application number, DP/Client ID or account number/IFSC.
- Fill in the necessary details based on your chosen identification option.
- This will allow the system to retrieve and display your IPO allotment status.
- Ola Electric Mobility Limited subscription numbers
The Ola Electric Mobility Limited IPO, valued at ₹6,145.56 crore, saw strong investor interest, being oversubscribed by 4.45 times by the end of the bidding period on August 6. The IPO received bids for 198.17 crore equity shares compared to the 44.5 crore shares on offer. The public issue saw a subscription rate of 4.05 times in the retail category, 5.53 times among Qualified Institutional Buyers (QIBs), and 2.51 times in the Non-Institutional Investors (NII) category. Additionally, the company secured ₹2,763 crore from anchor investors in the preceding week.
Ola Electric Mobility Limited IPO details
The Ola Electric Mobility Limited IPO comprises a fresh issue of 72.37 crore shares, amounting to ₹5,500.00 crores, and an offer-for-sale of 8.49 crore shares, amounting to ₹645.56 crore.
The IPO's price band was set between ₹72 and ₹76 per share. Retail investors were allowed to apply for a minimum of one lot, or 195 shares, with the minimum investment amounting to ₹14,820. For small and medium-sized institutional investors (sNII), the minimum investment was set at 14 lots (2,730 shares), amounting ₹2,07,480. Large institutional investors (bNII) were required to invest in a minimum of 68 lots (13,260 shares), amounting to ₹10,07,760.
Additionally, the IPO includes a special reservation of up to 797,101 shares for employees, offered at a discounted rate of ₹7 per share compared to the issue price.
Ola Electric Mobility Limited IPO dates
Bidding for the Ola Electric Mobility Limited IPO commenced on August 2, and concluded on August 6. The allotment process will be finalised today (August 7). Once this process is over, refunds to unsuccessful applicants will be initiated on Thursday, August 8. On the same day, shares will also be credited to demat accounts of successful investors. After that, the shares are expected to be listed on both BSE and NSE, with a tentative listing date set for Friday, August 9.
Ola Electric Mobility Limited IPO objectives
Ola Electric Mobility Limited plans to use the net proceeds from its IPO to expand the cell manufacturing capacity of its subsidiary, OCT, from 5GWh to 6.4GWh as part of phase 2 of its expansion strategy. Additionally, the funds will be directed towards repaying or prepaying debt incurred by another subsidiary, OET. The company also aims to invest in research and product development, support organic growth initiatives, and address general corporate purposes.
About Ola Electric Mobility Limited
Founded in 2017, Ola Electric Mobility Limited specialises in the production of electric vehicles and key components, including battery packs, motors and vehicle frames. The company introduced its first electric vehicle model, the Ola S1 Pro, in December 2021. This was followed by the launch of several other models, including the Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+. In August 2023, Ola Electric expanded its portfolio with the announcement of new electric vehicle models and a range of motorcycles, such as the Diamondhead, Adventure, Roadster, and Cruiser.