Ola Electric IPO’s retail portion fully booked on Day 1
Investor reaction to Ola Electric Mobility's initial public offering (IPO) was tame on the first day of the bidding process. The offer was mostly subscribed to by retail investors, whose portion was completely subscribed, when the bidding began on Friday, August 2.
In the IPO, Ola Electric Mobility is offering its shares at Rs 72 and Rs 76 per share for its shares. Investors can subscribe for a minimum of 195 shares and its multiples, plus their multiples thereafter. The company hopes to raise Rs 6,145.56 crore through the IPO that consists of an offer-for-sale (OFS) of 84,941,997 equity shares and a new share sale valued at Rs 5,500 crore
As per the available data, the investors placed bids for 12,82,68,075 equity shares, which represents 28% of the total equity shares offered for subscription by 2:20 pm on Friday, August 2. Tuesday, August 6, is the last day of the three-day bidding period for this issue.
While the amount designated for non-institutional investors (NIIs) got a subscription of just 13%, the allocation for retail investors was subscribed 1.28 times. Employee portion was scheduled 4.14 times. But at that point, any sizable offers were to be received for the quota reserved for qualified institutional bidders (QIBs).
Based in Bengaluru and Founded in 2017, Ola Electric Mobility is a pure-play operator in the electric vehicle market that focuses on producing electric cars and certain essential parts for them, such as motors, battery packs, and vehicle chassis, at its Ola Futurefactory.