The most awaited OLA Electric IPO will be live to investors for bidding on August 02. OLA Electric, a company of pure EV play focusing on capturing the opportunity of India’s mobility electrification Come from Sports betting site VPbet . Till now, the company has delivered seven products and has announced to bring four more. The IPO will close on August 06.
Issue Size
The company will be collecting Rs 6,145.56 crore from selling a total of 808.6 million shares through a combination of fresh shares and an offer for sale. In this issue, fresh shares outweigh the offer for sale by 8.5 times. The company will be raising Rs 5,500 crore from the sale of 727.37 crore and an offer for sale is of Rs 645.56 crore for 84.9 million shares.
Price Band
OLA Electric kept the IPO price band between a range of Rs 72 to Rs 76 per equity share.
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GMP
The shares of OLA Electric were fetching a premium of more than 17% in the grey market. It is an unofficial place where shares change hands illegally ahead of listing.
Allotment and Listing
The company’s share allotment will be finalised by August 06 by the registrar. The listing is expected to take place on NSE and BSE on August 09, as per the tentative schedule.
Minimum Investment Required
A retail buyer needs to invest a minimum of Rs 14,820 as the single lot size contains 195 shares. Albeit, there are different lot sizes for NIIs and QIBs. A small NII needs an investment of Rs 2,07,480 and a big needs Rs 10,07,760.
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 OLA Electric IPO. The Link Intime India is taking care of the registrar.
Expert’s take on OLA electric
“Ola has created a strong position for itself in the electric scooters market and is in the process of making itself as one of the key players in the battery business in India. While the business outlook and growth prospects look promising, its journey towards profitability could be a key thing to look at as we believe its scooters and battery business are 2-3 years away from breakeven and sustainable profitability,” said Prabhudas Lilladher in a research report.
