Ola Electric IPO Day 2 Live Updates: Ola IPO GMP trends upwards ahead of the second day of bidding. Ola IPO booked 35%
₹6,145 crore initial share offer of electric two-wheeler business Ola Electric Mobility was tepid, with 35% of the issue subscribed on Friday, August 2, the opening day of the bidding process.Retail investors led the initial public offering (IPO) of the firm, subscribing 1.57 times the amount allotted for them.Bids were received for 16.31 crore shares of the 46.51 crore shares that were offered in the offering, which closes on Tuesday, August 6. Ola Electric IPO subscription status was 35% on the first day of bidding.
The price band for the offering has been set at between ₹72 and ₹76 for each equity share with a face value of ₹10. Major investors provided the company ₹2,763 crore before the IPO subscription period began on Thursday, August 1.
Ola Electric's ₹6,146 crore IPO is the biggest since the state-owned Life Insurance Corp (LIC) of India's ₹21,000 crore IPO in May 2022. The IPO comprises of a fresh issue of equity shares up to ₹5,500 crore and an offer for sale (OFS) of 8.49 lakh equity shares valued at ₹645.56 crore at the upper end of the price range by investors and promoters.
Under the OFS, Ola Electric's founder, Bhavish Aggarwal, will sell around 3.8 crore shares.“On account of the positive EV market outlook, favourable regulatory environment, the announcement of new models, and the upcoming cell manufacturing unit, we have a positive view of the company from a long-term perspective. We recommend to SUBSCRIBE the IPO for long-term gains," the brokerage said in its report.
The primary driver for Ola Electric Mobility, in Kejriwal's opinion, is that in addition to the electric vehicles (EVs) and two-wheeler EVs that they manufacture, Bhavish Aggarwal will soon be introducing his EV batteries. That may occur
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