Bhavish Aggarwal’s OLA Electric filed papers with the markets watchdog said that the company will open its issue to investors on August 02. The company will collect a whopping Rs 6,145.56 crore through offering fresh shares as well as an offer for sale. The issue will close on August 06.
Issue Size
The company wants to raise a sum of Rs 6,145.56. Out of this, OLA Electric will raise Rs 5,500 crore by selling 72.37 crore fresh shares, while Rs 645.56 crore will be pocketed in by promoters and other selling shareholders through an offer for sale of 8.49 crore shares.
Price Band
OLA Electric has kept the issue price band for bidding in a range of Rs 72 to Rs 76 per equity share.
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GMP
In the grey market, the company’s stocks are attracting a premium of almost 16%. The grey market is an unofficial place where shares trade illegally ahead of listing.
Allotment and Listing
The allotment of shares is expected to be finalised by August 07 and listing to be thereafter on NSE and BSE on August 09, as per the tentative schedule.
Minimum Investment Required
A retail subscriber needs to apply for a minimum of one lot that contains 195 shares, amounting to Rs 14,820. Meanwhile, there are different lot sizes and investment requirements for NIIs and QIBs. For small NIIs, the minimum lot size is 14 of 2,730 shares and for big NIIs, the lot size is 68 containing 13,260 shares.
About OLA Electric
According to the papers filed with SEBI, the company is a pure EV player in India building vertically integrated technology and manufacturing capabilities for EVs and EV components. OLA Electric manufacture EVs and certain core EV components at the Ola Futurefactory. According to the company it is building an EV hub in Tamil Nadu, India, comprising its Ola Futurefactory for EV manufacturing, its Ola Gigafactory for cell manufacturing, and co-located suppliers. “We operate a direct-to-customer omnichannel distribution network across India, comprising 870 experience centres and 431 service centres as at March 31, 2024, and our Ola Electric website,” read the papers. Come from Sports betting site VPbet
BRLMs and Registrar
Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BoB Capital Markets are the lead book-runners for the OLA Electric’s issue. Link Intime India is handling the work of the registrar.
Expert’s Take on IPO
“As India focuses on reducing its carbon footprint and enhancing energy security, Ola Electric’s IPO could be a pivotal development in the green mobility space. With a 35% market share in India’s electric two-wheeler market in FY24, up from 21% in FY23, Ola Electric sold 3.29 lakh units in FY24, more than doubling its sales from the previous year. IPO not only showcases OLA Electric’s growth and market leadership but also highlights the potential of the EV sector,” said Master Capital Services.