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OLA Electric IPO is a book built issue of Rs 6,145.56 crores. The issue is a combination of fresh issue of 72.37 crore shares aggregating to Rs 5,500.00 crores and offer for sale of 8.49 crore shares aggregating to Rs 645.56 crores.
OLA Electric IPO bidding started from August 2, 2024 and ended on August 6, 2024. The allotment for OLA Electric IPO was finalized on Wednesday, August 7, 2024. The shares got listed on BSE, NSE on August 9, 2024.
OLA Electric IPO price band is set at ₹72 to ₹76 per share. The minimum lot size for an application is 195 Shares. The minimum amount of investment required by retail investors is ₹14,820. The minimum lot size investment for sNII is 14 lots (2,730 shares), amounting to ₹207,480, and for bNII, it is 68 lots (13,260 shares), amounting to ₹1,007,760.
The issue includes a reservation of up to 797,101 shares for employees offered at a discount of Rs 7 to the issue price.
Kotak Mahindra Capital Company Limited, Bofa Securities India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited and Bob Capital Markets Limited are the book running lead managers of the OLA Electric IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to OLA Electric IPO RHP for detailed information.
| IPO Date | August 2, 2024 to August 6, 2024 |
| Listing Date | August 9, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹72 to ₹76 per share |
| Lot Size | 195 Shares |
| Total Issue Size | 808,626,207 shares (aggregating up to ₹6,145.56 Cr) |
| Fresh Issue | 723,684,210 shares (aggregating up to ₹5,500.00 Cr) |
| Offer for Sale | 84,941,997 shares of ₹10 (aggregating up to ₹645.56 Cr) |
| Employee Discount | Rs 7 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 3,687,072,258 |
| Share holding post issue | 4,410,756,468 |
OLA Electric IPO offers 808,699,625 shares. 242,370,750 (29.97%) to QIB, 121,185,387 (14.99%) to NII, 80,790,252 (9.99%) to RII, 797,101 (0.10%) to employees and 363,556,135 (44.96%) to Anchor investors. 414,308 RIIs will receive minimum 195 shares and 14,796 (sNII) and 29,593 (bNII) will receive minimum 2,730 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 363,556,135 (44.96%) | NA |
| QIB Shares Offered | 242,370,750 (29.97%) | NA |
| NII (HNI) Shares Offered | 121,185,387 (14.99%) | |
| bNII > ₹10L | 80,790,252 (9.99%) | 29,593 |
| sNII < ₹10L | 40,395,135 (5.00%) | 14,796 |
| Retail Shares Offered | 80,790,252 (9.99%) | 414,308 |
| Employee Shares Offered | 797,101 (0.10%) | NA |
| Total Shares Offered | 808,699,625 (100%) |
OLA Electric IPO raises Rs 2,763.03 crore from anchor investors. OLA Electric IPO Anchor bid date is August 1, 2024. OLA Electric IPO Anchor Investors list
| Bid Date | August 1, 2024 |
| Shares Offered | 363,556,135 |
| Anchor Portion Size (In Cr.) | 2,763.03 |
| Anchor lock-in period end date for 50% shares (30 Days) | September 5, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | November 4, 2024 |
OLA Electric IPO opens on August 2, 2024, and closes on August 6, 2024.
| IPO Open Date | Friday, August 2, 2024 |
| IPO Close Date | Tuesday, August 6, 2024 |
| Basis of Allotment | Wednesday, August 7, 2024 |
| Initiation of Refunds | Thursday, August 8, 2024 |
| Credit of Shares to Demat | Thursday, August 8, 2024 |
| Listing Date | Friday, August 9, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 6, 2024 |
Investors can bid for a minimum of 195 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 195 | ₹14,820 |
| Retail (Max) | 13 | 2535 | ₹192,660 |
| S-HNI (Min) | 14 | 2,730 | ₹207,480 |
| S-HNI (Max) | 67 | 13,065 | ₹992,940 |
| B-HNI (Min) | 68 | 13,260 | ₹1,007,760 |
| Lot Size Calculator | |||
| Share Holding Pre Issue | 85.77% |
| Share Holding Post Issue |
Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Futurefactory.
Since August 2021, the company has launched seven new products and announced four. The Ola S1 Pro, the first EV model, was delivered in December 2021, followed by the Ola S1, Ola S1 Air, Ola S1 X and Ola S1 X+ in the following years. On August 15, 2023, the company announced new EV models and a range of motorcycles including Diamondhead, Adventure, Roadster, and Cruiser.
As of October 31, 2023, the company operates its "omnichannel distribution network across India, comprising 870 experience centers and 431 service centers (including 429 service centers in experience centers), in addition to the Ola Electric website.
In FY 2023, around 75% of 2W exports from India were destined for Africa, LATAM, and South East Asia, while teh domestic supply of E2W was limited.
The business model relies on three key scalable platforms:
As of March 31, 2024, the company had 959 employees (including 907 permanent employees and 52 freelancers) who focus on research and development. They are dedicated to product development, vehicle and software development, vehicle design, and cell development.
Ola Electric Mobility Limited's revenue increased by 88.42% and profit after tax (PAT) dropped by -7.63% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 7,735.41 | 5,573.17 | 5,395.86 | 2,112.64 |
| Revenue | 5,243.27 | 2,782.70 | 456.26 | 106.08 |
| Profit After Tax | -1,584.40 | -1,472.08 | -784.15 | -199.23 |
| Net Worth | 2,019.34 | 2,356.44 | 3,661.45 | 1,970.62 |
| Reserves and Surplus | -2,882.54 | -1,380.03 | -68.83 | 1,999.30 |
| Total Borrowing | 2,389.21 | 1,645.75 | 750.41 | 38.87 |
| Amount in ₹ Crore | ||||
The market capitalization of OLA Electric IPO is Rs 33521.75 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| RoNW | -78.46% |
| P/BV | 13.72 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -4.3 | -3.59 |
| P/E (x) | -17.69 | -21.16 |
The company proposes to utilise the Net Proceeds towards funding the following objects:
[Dilip Davda] The company is a pure E2W play emerging leader and with many big and small company’s dropping their hat in the fray, sphere competition is shaping ahead. Ola has laid down its future path with its future factory and Gigafactory to take on any kind of competition. In fact, the company is planning to enter E-2W bikes, three wheeler, cars and most importantly the 4680 Li-thion battery where it mulls it making a global hub for EV batteries. While its top line has been surging year-on-year, its bottom line marked improvement in reduced losses. No doubt it will take some more time to turn the corner and wipe out the losses. Thus it’s a pure long term investment bet. Well-informed investors may park moderate funds for long term. Read detail review...
The OLA Electric IPO is subscribed 4.45 times on August 6, 2024 6:19:08 PM. The public issue subscribed 4.05 times in the retail category, 5.53 times in the QIB category, and 2.51 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 5.53 |
| NII | 2.51 |
| bNII (bids above ₹10L) | 2.75 |
| sNII (bids below ₹10L) | 2.03 |
| Retail | 4.05 |
| Employee | 12.38 |
| Total | 4.45 |
Total Application : 1,347,824 (3.25 times)
| Listing Date | August 9, 2024 |
| BSE Script Code | 544225 |
| NSE Symbol | OLAELEC |
| ISIN | INE0LXG01040 |
| Final Issue Price | ₹76 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹76.00 |
| ₹75.99 |
| ₹75.99 |
| ₹91.18 |
| ₹91.18 |
| NSE |
|---|
| ₹76.00 |
| ₹76.00 |
| ₹76.00 |
| ₹91.20 |
| ₹91.20 |
Ola Electric Mobility Limited
Regent Insignia, #414, 3rd Floor, 4th Block
17thMain100 Feet Road, Koramangala
Bengaluru 560034
Phone: +91 80 3544 0050
Email: ipo@olaelectric.com
Website: https://www.olaelectric.com/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: olaelectric.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Lead Manager Reports
OLA Electric IPO is a main-board IPO of 808,626,207 equity shares of the face value of ₹10 aggregating up to ₹6,145.56 Crores. The issue is priced at ₹72 to ₹76 per share. The minimum order quantity is 195 Shares.
The IPO opens on August 2, 2024, and closes on August 6, 2024.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in OLA Electric IPO using UPI as a payment gateway. Zerodha customers can apply in OLA Electric IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in OLA Electric IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The OLA Electric IPO opens on August 2, 2024 and closes on August 6, 2024.
OLA Electric IPO lot size is 195 Shares, and the minimum amount required is ₹14,820.
You can apply in OLA Electric IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for OLA Electric IPO will be done on Wednesday, August 7, 2024, and the allotted shares will be credited to your demat account by Thursday, August 8, 2024. Check the OLA Electric IPO allotment status.
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