Ola Electric IPO subscribed over 4 times on last day
Mumbai: Ola Electric Mobility's Initial Public Offering (IPO), valued at Rs 6,145.56 crore, was subscribed 4.26 times on its final day, falling short of market expectations, media reports said.
The IPO received bids for 1,98,14,05,530 shares against the 46,51,59,451 equity shares available, with a price range set between Rs 72 and Rs 76, according to stock exchange data.
The Qualified Institutional Buyer portion was subscribed 5.31 times, while the Retail and Non-Institutional Investors portions were subscribed 3.85 times and 2.39 times, respectively. The Employee Portion saw a high subscription rate of 11.66 times.
Despite the buzz around its D-Street debut, investors have been cautious about the year's largest IPO, likely due to the market downturn affecting both Indian and global stock markets.
As of August 6, 2024, Ola Electric's IPO has a Grey Market Premium (GMP) of Rs 0.
With a price band of Rs 76, the anticipated listing price is also Rs 76, indicating no expected change in value per share.
For the fiscal year 2023-24, Ola Electric reported a revenue of Rs 5,243.27 crore and a net loss of Rs 1,584.40 crore, compared to a revenue of Rs 2,782.70 crore and a net loss of Rs 1,472.08 crore for 2022-23.
The lead managers for the IPO are BofA Securities India, Axis Capital, Kotak Mahindra Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BOB Capital Markets.
The allocation of shares is expected to be completed on August 7, 2024, with shares anticipated to list on both BSE and NSE on August 9, 2024.
Link Intime India is the registrar for the issue.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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