Ola Electric IPO: Everything You Need to Know

The initial public offering (IPO) of Ola Electric Mobility is set to open for subscription on August 2, with a price band of ₹72-76 per share.

Investors can apply 195 equity shares and multiples in a lot size. The IPO will close on August 6, with shares expected to be listed on both BSE and NSE on August 9.

Below are the key details about the Ola Electric IPO:

1) Company Profile

Ola Electric Mobility, founded in 2017, is an electric vehicle company that primarily manufactures electric vehicles and certain core components for electric vehicles.

2)IPO Details

The Ola Electric IPO consists of a fresh share sale of up to ₹5,500 crore and an 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, along with the promoter group’s Indus Trust and other shareholders, including Alpha Wave Ventures, Alpine Opportunities Fund, Internet Funds III, MacRitchie Investment, Matrix Partners India Investments, SFV II Ostrich (DE), Ashna Advisors, Tekne Private Ventures XV, will participate in the OFS.

4) IPO Objectives

The net returns from the IPO will be used by Ola Electric for capital expenditure by its subsidiary OCT for expansion, repayment or pre-payment, research and product development, and general corporate purposes.

5)New Product Launches

Ola Electric has launched seven new products and announced four additional ones.

6) Financial Performance

Ola Electric reported a net loss of ₹1,584.40 crore and revenue of ₹5,243.27 crore for the financial year ended March 31, 2024.

7) Employee Reservation

The IPO includes a reservation of shares worth ₹5.5 crore for eligible employees of the company, who will receive a discount of ₹7 per share.

8) Allocation of Shares

75% of the net offer is reserved for qualified institutional bidders, 15% for non-institutional investors, and 10% for retail investors.

9) Lead Managers

The book-running lead managers for the Ola Electric IPO are 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.

10) Registrar for the Issue

Link Intime India is the registrar for the Issue.

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