Ola Electric IPO listing: OLA Electric lists at Rs 76 on the National Stock Exchange, a rather muted debut on the bourses. The company opened its IPO to investors on August 02 and closed by taking bids on August 06. The issue received muted demand compared to other IPOs Come from Sports betting site VPbet . Albeit, it was subscribed fully on the second day.
GMP
In the grey market, the shares of OLA Electric were trading at a discount of 4% to the issue price. The grey market is an unofficial place where shares are traded illegally ahead of listing.
Issue Size
The company raised a sum of Rs 6,145.56 crore through a combination of fresh shares as well as an offer for sale.
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Price Band
The company has kept the price band between Rs 72 to Rs 76 per equity share. The allotment of shares was finalised on August 07.
Retail Investment
A retail buyer had to apply for at least 195 shares or one lot totalling Rs 14,820. Meanwhile, there were different lot sizes for NIIs and QIBs.
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Expert’s Take on IPO
“Ola, the market leader in the domestic EV 2W industry, stands to derive the benefit of any positive development. The speed at which the company has grown to achieve the position where it is right now is appreciable. Higher volumes are expected to bring in operating leverage thus reducing losses, which we believe can happen in mid-term. Reduction in battery costs should also help the cause. Therefore, based on the narrative of EV proliferation in the country (current EV scooter penetration at 15%), we believe Ola to run the tide being the only pure play 2W EV. Therefore, keeping an eye and a cautious view on the demand and thereby the reduction in losses for Ola, we recommend a “Subscribe” (rating) to this IPO with a long-term perspective,” said LKP Securities in an IPO note.
Employee Reservation
The IPO of OLA Electric has a reservation of up to 797,101 shares for its employees, which are available to them at a discount of Rs 7 to the issue price.
BRLMs and Registrar
Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BoB Capital Markets are the book-running lead managers of the IPO. Link Intime India has been chosen as the registrar for the issue.
