Ola Electric Makes Muted Market Debut, Lists Flat At INR 76

Ola Electric made a stock market debut with a flat listing today (August 9). The company’s shares on the BSE listed at INR 75.99 apiece as against its IPO issue price of INR 76. 

On the NSE, its shares opened flat at INR 76 apiece. 

On the final day of bidding, the company’s public issue was oversubscribed 4.27X, with the strongest interest received from qualified institutional buyers (QIBs).

It is pertinent to note, that Ola Electric’s public issue opened for retail subscription on August 2 and closed on August 6, witnessing a strong interest from QIBs.

The IPO received bids for 198.79 Cr shares as against 46.51 Cr equity shares on offer. Of these, the QIBs bid for 134.03 Cr shares.

The QIBs were allotted 25.23 Cr shares, and this portion was oversubscribed 5.31X. Among these, foreign institutional investors (FIIs) bid for the maximum number of shares at 82.42 Cr, while mutual funds subscribed to 41.44 Cr shares.

Meanwhile, the retail investors’ portion was subscribed 3.92X. They bid for a total of 33.26 Cr shares against 8.48 Cr shares on offer.

Ola Electric’s IPO included a fresh issue of shares amounting to INR 5,500 Cr, along with an Offer for Sale (OFS) of 8.49 Cr shares. As per its DRHP filed in December last year, the company was looking to sell up to 9.51 Cr shares via the OFS.

The company had set a price band of INR 72-76 per equity share. At the upper end of the price band, the EV manufacturer will raise over INR 6,145.6 Cr in total.

Ola Electric’s net loss widened 7.6% year-on-year (YoY) to INR 1,584.4 Cr in FY24, while operating revenue jumped over 90% YoY to INR 5,009.8 Cr.

(The story will be updated soon)

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