New Delhi [India], August 6 : The Initial Public Offering (IPO) of Ola Electric Mobility Limited, was being subscribed 4.26 times on the final day of bidding.
According to a press release, the Rs 6,145.56 crore issue received bids for 1,98,14,05,530 shares against the offered 46,51,59,451 equity shares, at a price band of Rs 72-76, according to data available on the stock exchanges.
The Qualified Institutional Buyer (QIB) portion was the most heavily subscribed at 5.31 times. The Retail Portion and Non-Institutional Investors (NII) Portion followed, being subscribed 3.85 times and 2.39 times respectively. The Employee Portion witnessed a remarkable subscription rate of 11.66 times.
The book running lead managers for the IPO were Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited. Link Intime India Private Limited served as the registrar to the offer.
The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Ola Electric manufactures electric vehicles (EVs) and core EV components like battery packs, motors, and vehicle frames at its Ola Futurefactory. The company's primary focus is to capitalize on the electrification of mobility in India, with plans to export its EVs to select international markets in the future.
The company commenced the delivery of its first EV model, the Ola S1 Pro, in December 2021, followed by the Ola S1 in September 2022, the Ola S1 Air in August 2023, and the Ola S1 X+ in December 2023.
Within nine months of delivering its first EV scooter in December 2021, Ola Electric became the best-selling electric two-wheeler (E2W) brand in India in terms of monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways, according to the Redseer Report.
The current EV scooter Generation 2 platform forms the base for the Ola S1 scooter models - Ola S1 Pro, Ola S1 Air, Ola S1 X+, Ola S1 X (2 kWh), and Ola S1 X (3 kWh). Ola plans to replicate this platform approach for its recently announced motorcycle range, which includes four models - Diamondhead, Adventure, Roadster, and Cruiser.
Ola has established a Futurefactory, a Gigafactory, and a Battery Innovation Centre in Bengaluru. Additionally, it is in the process of building its EV hub in the Krishnagiri and Dharmapuri districts of Tamil Nadu.
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