Ola Electric IPO subscribed 115% on Day 3 so far. Check GMP and other key details
The issue attracted bids for 53,64,11,850 shares out of the 46,51,59,451 shares offered. The quota reserved for retail individual investors (RIIs) was subscribed 3.10 times, while the non-institutional investor (NII) category was subscribed 1.28 times. The allocation for qualified institutional bidders was 40% booked.
According to market analysts, the current grey market premium (GMP) for Ola Electric is Rs 2.50, or 3.3%, in the unlisted market.
The IPO includes a fresh issue of Rs 5,500 crore and an offer for sale (OFS) of 8.4 crore shares. As part of the OFS, founder Bhavish Aggarwal will sell 37.9 million shares. Additionally, investors such as Alpha Wave, Alpine, DIG Investment, Matrix, and others will be selling 47.89 million shares.
Ahead of the issue opening, the company has raised just over Rs 2,700 crore from anchor investors, including Nomura, HDFC Mutual Fund, SBI Mutual Fund, and various others.
Ola Electric IPO review
Most analysts are bullish on the IPO, noting that Ola is a market leader in the domestic electric two-wheeler industry and stands to benefit from positive developments in the sector.
«Ola has significant headroom to grow in coming years led by favourable market conditions, regulatory norms, and the higher capacity utilization of Ola Future Factory on yearly basis,» said Anand Rathi while recommending a subscription.
Ola Electric IPO GMP
The current GMP of Ola Electric is Rs 2.50 (3.3% premium) in the unlisted market.
Ola Electric IPO price band
The company has priced the IPO in
