Ola Electric Mobility IPO subscribed 1.06 times

The offer received bids for 49.43 crore shares as against 46.51 crore shares on offer.

The initial public offer (IPO) of Ola Electric Mobility received 49,43,63,610 bids for shares as against 46,51,59,451 shares on offer, according to stock exchange data at 17:00 IST on Monday (5 August 2024). The issue was subscribed 1.06 times.

The issue opened for bidding on Friday (2 August 2024) and it will close on Tuesday (6 August 2024). The price band of the IPO is fixed at Rs 72 to 76 per share. An investor can bid for a minimum of 195 equity shares and in multiples thereof.

The IPO comprises fresh issue of equity shares worth up to Rs 5,500 crore and an offer for sale of 8,49,41,997 equity shares, aggregating up to Rs 645.56 crore, by the existing shareholders.

The objectives of the fresh issue include Rs 1,227.64 crore for capital expenditure by subsidiary, Rs 800 crore for debt repayment or pre-payment, Rs 1,600 crore for R&D development, Rs 350 crore for organic growth initiatives, and the remaining funds for general corporate purposes.

The promoters and promoter group hold an aggregate 45.14% of the pre-offer issued and paid-up equity share capital. The post-IPO shareholding is expected to be around 36.78%.

Ahead of the IPO, Ola Electric Mobility on Thursday, 1 August 2024, raised Rs 2,763.03 crore from anchor investors. The board allotted 36.36 lakh shares at Rs 76 each to 84 anchor investors.

Ola Electric Mobility is a manufacturer of electric vehicles (EVs) and certain core components for EVs such as battery packs, motors, and vehicle frames at the Ola Future factory.

Ola Electric Mobility operates its own direct-to-customer (D2C) omnichannel distribution network across India. It comprises 870 experience centres and 431 service centres (of which 429 service centres are located within experience centres) as of March 31, 2024, in addition to the Ola Electric website.

The firm reported a net loss of Rs 1,584.40 crore and sales of Rs 5,009.83 crore for the twelve months ended on 31 March 2024.

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