Source – indiatoday.in
IPO Subscription Opens
Ola Electric Mobility’s highly anticipated initial public offering (IPO) commenced on Friday, August 2, with the share subscription window set to close on August 6. The IPO is priced between ₹72 and ₹76 per share, and aims to raise a total of ₹6,145.56 crore. This substantial share sale includes a fresh issuance of shares worth up to ₹5,500 crore and an offer-for-sale (OFS) component involving 8.49 crore shares valued at ₹645.56 crore.
Major Stake Sale by Founder
In the OFS segment, Ola Electric’s founder and Chief Executive Officer (CEO) Bhavish Aggarwal is set to sell nearly 3.8 crore shares. This move is part of a broader strategy to optimize the company’s financial position and expand its market presence.
Ola Electric’s Mega Ipo! Get All Crucial Details About Ev & Battery Business
Successful Anchor Round
Before the public IPO, Ola Electric secured ₹2,763 crore in the anchor round. This round attracted investments from a diverse group of entities including foreign portfolio investors (FPIs), insurance companies, and domestic mutual funds. Notable participants included SBI Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, and Kotak Mahindra Life Insurance, among others. The company allotted 36.35 crore shares to 84 funds at the upper price band of ₹76 per share.
Use of IPO Proceeds
The funds raised through the IPO will support Ola Electric’s plans for expanding its cell manufacturing capabilities, advancing research and development, repaying existing debts, and pursuing organic growth initiatives. The strategic investment aims to bolster the company’s infrastructure and innovation in the electric vehicle (EV) sector.
IPO Timeline and Company Overview
The IPO timeline is as follows:
- Bidding Dates: August 2 to August 6
- Allotment Finalization: August 7
- Refund Initiation: August 8
- Demat Transfer: August 8
- Listing Date: August 9
Founded in 2017, Ola Electric Mobility Limited specializes in the production of electric vehicles and their components, including motors, battery packs, and frames. In the fiscal year 2022-23, the company reported the highest revenue among domestic electric two-wheeler manufacturers. Ola Electric’s product lineup includes popular EV scooters such as the Ola S1 Air, S1 Pro, and various models of the S1 X series. The company is also gearing up to launch its electric two-wheeler motorcycle range, including models like the Roadster and the Adventure, with deliveries anticipated to begin in the first half of FY26.
