New Delhi: Ola Electric’s IPO opening date is likely to fall on August 2 since the company is expected to raise money from anchor investors on August 1, 2024. To be sure, the dates are not confirmed as yet and the electric 2-wheeler maker (E2W) is expected to launch the IPO anywhere between August 2 and August 6, according to multiple people familiar with the matter.
Ola Electric IPO is expected to list on the exchanges by August 9, 2024, according to the original market timeline. Ola Electric filed its IPO papers with markets regulator SEBI in December 2023.
Ola Electric IPO details
Bhavish Aggarwal-led Ola Electric’s IPO has the following investment banks:
Kotak Mahindra Capital
Axis Capital
Goldman Sachs
ICICI Securities
BofA Securities
SBI Caps
BoB Caps
Cyril Amarchand Mangaldas is the company counsel on the IPO
Ola Electric IPO will feature a 95.19 million share sale by current shareholders via an offer for sale, including a 47.3 million share stake belonging to Bhavish Aggarwal. Other participants in the OFS will include:
AlphaWire
Alpine
DIG Investment
Matrix
Ola Electric plans to utilise the IPO proceeds towards capital expenditure apart from debt repayment. Research and development will also receive a boost from the IPO fundraising, according to Ola Electric’s DRHP. Ola Electric plans to raise Rs 5,500 crore through the IPO route.
Ola Electric competitors
Ola Electric competes to compete with the following companies in the E2W category:
Bajaj Auto
TVS Motors
Ather Energy
The company is reportedly capable of assembling 1 million vehicles at its existing facilities. Ola Electric is betting big on demand with expectations of a 20 per cent CAGR growth in EV demand by FY30 from 5 per cent in FY24, the Mint reported. Ola Electric raised money from a clutch of investors led by Temasek in 2023, which valued the E2W company at $5.4 billion.
Ola Electric Mobility has launched 4 products to date and has 6 more products in its pipeline. It has 935 experience centres and 414 service centres across India. Ola Electric reported a loss of Rs 267.16 crore in the period ending June 30, 2023, compared to Rs 1,472.08 crore in the previous quarter. The company’s revenues halved to Rs 1,278.68 crore in June quarter 2023 from Rs 2,782.70 crore in the March quarter 2023.
Ola Electric IPO GMP
Ola Electric IPO GMP stood at Rs 25 apiece as on July 27, 2024, according to IPO Watch.
To be sure, the price band for Ola Electric IPO has not been revealed yet.
GMP or grey market premium is the amount that an investor is willing to pay in order to acquire a single share of a company.
This indicates that Ola Electric’s stock may list at a Rs 25 premium over the upper band of the issue price.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Ola Electric IPO GMP: While the opening date and subscription price band is not yet known. OLA Electric’s IPO is already commanding a premium and is likely to open in the first week of August 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
