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More than 2000 scooters are manufactured every day in the Ola Electric factory.
Ola Electric Mobility’s stock has hit an upper circuit of 20% on the second trading day of its listing today i.e. on 12th August. Due to this, the stock has climbed by Rs 18.24 to reach an all-time high of Rs 109.44. With this, the stock has given a return of 40% so far after listing.
This stock was flat listed on the stock exchange on Friday, 9 August. On the National Stock Exchange (NSE), the company’s stock was listed at the issue price of ₹ 76. At the same time, on the Bombay Stock Exchange (BSE), the stock was listed at ₹ 75.99, 0.01% below the issue price. After this, the stock closed at ₹ 91.20 with an upper circuit of 20%.
The listing ceremony of Ola Electric Mobility was held on the National Stock Exchange on Friday (August 9).
The IPO was subscribed 4.45 times in total
This IPO was open for investors from August 2 to August 6. In three trading days, this IPO was subscribed a total of 4.45 times. It was subscribed 4.05 times in the retail category, 5.53 times in qualified institutional buyers (QIB) and 2.51 times in the non-institutional investors (NII) category.
Ola Electric’s issue was worth ₹6,145.56 crore
This IPO of Ola Electric Mobility Limited was worth a total of ₹ 6,145.56 crores. For this, the company issued 723,684,210 fresh shares worth ₹ 5,500 crores. Whereas, the existing investors of the company sold 84,941,997 shares worth ₹ 645.56 crores through Offer for Sale i.e. OFS.
Retail investors could bid for a maximum of 2535 shares
Ola Electric had fixed the price band of its IPO at ₹72-₹76. Retail investors could bid for a minimum of one lot i.e. 195 shares. If you had applied for 1 lot as per the upper price band of the IPO of ₹76, you would have had to invest ₹14,820 for it.
At the same time, retail investors could apply for a maximum of 13 lots i.e. 2535 shares. For this, investors would have to invest ₹ 192,660 according to the upper price band.
10% of the issue was reserved for retail investors
The company had reserved 75% of the issue for qualified institutional buyers (QIB). Apart from this, about 10% was reserved for retail investors and the remaining 15% was reserved for non-institutional investors (NII).
Last month, SEBI gave approval to Ola Electric to launch IPO
The Securities Exchange Board of India (SEBI) last month approved Ola Electric to launch an IPO. Ola is India’s largest electric two-wheeler manufacturer. The Bengaluru-based company filed a draft red herring prospectus (DRHP) for the IPO with SEBI on December 22, 2023.
DRHP is a document that contains essential information about the company planning an IPO. It is filed with SEBI. It contains important information about the company’s finances, its promoters, risks of investing in the company, reasons for raising funds, how the funds will be used, among other things.
Ola Electric Mobility was founded in 2017
Bengaluru-based Ola Electric Mobility was founded in 2017. The company mainly manufactures electric vehicles, battery packs, motors and vehicle frames at the Ola Future Factory. As of March 31, 2024, the company had 959 employees (907 permanent and 52 freelancers).
What is IPO?
When a company issues its shares to the general public for the first time, it is called Initial Public Offering or IPO. The company needs money to expand its business. In such a situation, instead of taking a loan from the market, the company raises money by selling some shares to the public or by issuing new shares. For this, the company brings IPO.
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