Ola Electric IPO listing today: Shares of Bhavish Aggarwal-led Ola Electric Mobility made a lacklustre debut on the bourses despite positive market sentiments. Ola Electric IPO shares listed flat at Rs 75.99 on the BSE and Rs 76 on the NSE, against the issue price of Rs 76.
Since the last day of subscription on August 6, shares of Ola Electric have been trading at a discount of nearly 3-4 per cent in the grey markets, which usually suggests a negative listing for the company’s shares.
The negative grey market sentiment prior to listing further reflected these concerns, said Nyati, who continued, “The flat listing highlights the need for Ola Electric to demonstrate a clear path to profitability and navigate the complexities of the EV market effectively.”
Nyati suggested that investors exit and book a minor profit; however, those who want to take risks may hold their position by keeping a stop loss below Rs 70.
Available at a price band of Rs 72-76 and with a lot size of 195 shares, the public issue of Ola Electric received a decent response from investors amidst ongoing market volatility, getting subscribed 4.45 times.
Ola Electric IPO details
With its initial public offering, Ola Electric offered a fresh issue of 723,684,210 equity shares and an offer for sale, with the promoters and investors offloading 84,941,997 shares with a face value of Rs 10 apiece.
For the IPO, the company appointed Link Intime India as the registrar, while 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 served as the book-running lead managers.
Ola Electric will use the proceeds from the IPO to repay debt, expand its gigafactory, fund organic growth initiatives, and support research and product development. The remaining proceeds will be allocated for general corporate purposes.
About Ola Electric Mobility Limited
Ola Electric, a pure EV player in India, is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. The Bhavish Aggarwal-led company, which commands nearly a 35 per cent market share in India’s electric two-wheeler market in FY24, is engaged in building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells.
First Published: Aug 09 2024 | 10:04 AM IST
