Bookbuilding IPO | ₹6,146 Cr | Listed at BSE, NSE | Fri, Aug 2, 2024 - Tue, Aug 6, 2024
Ola Electric Mobility IPO is a book build issue of ₹6,145.56 crores. The issue is a combination of fresh issue of 72.38 crore shares aggregating to ₹5,500.06 crores and offer for sale of 8.49 crore shares aggregating to ₹645.50 crores.
Ola Electric Mobility IPO bidding started from Aug 2, 2024 and ended on Aug 6, 2024. The allotment for Ola Electric Mobility IPO was finalized on Aug 7, 2024. The shares got listed on BSE, NSE on Aug 9, 2024.
Ola Electric Mobility IPO price band is set at ₹76 per share. The lot size for an application is 195. The minimum amount of investment required by an retail is ₹14,820 (195 shares) (based on upper price). The lot size investment for sNII is 14 lots (2,730 shares), amounting to ₹2,07,480, and for bNII, it is 68 lots (13,260 shares), amounting to ₹10,07,760.
The issue includes a reservation of up to 7,97,101 shares for employees offered at a discount of ₹7.00 to the issue price.
Kotak Mahindra Capital Co.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Ola Electric Mobility IPO RHP for detailed Information.
IPO Open
Fri, Aug 2, 2024
IPO Close
Tue, Aug 6, 2024
Issue Price
₹76 per share
Market Cap (Pre-IPO)
₹33,521.75 Cr
| IPO Date | 2 to 6 Aug, 2024 |
| Listed on | Fri, Aug 9, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹72 to ₹76 |
| Issue Price | ₹76 per share |
| Lot Size | 195 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹7.00 |
| Total Issue Size | 80,86,99,624 shares (agg. up to ₹6,146 Cr) |
| Fresh Issue | 72,37,57,627 shares (agg. up to ₹5,500 Cr) |
| Offer for Sale | 8,49,41,997 shares of ₹10 (agg. up to ₹646 Cr) |
| Share Holding Pre Issue | 3,68,70,72,258 shares |
| Share Holding Post Issue | 4,41,07,56,468 shares |
| BSE Script Code / NSE Symbol | 544225 / OLAELEC |
| ISIN | INE0LXG01040 |
Ola Electric Mobility IPO offers total 80,86,99,624 shares. Out of which 60,59,26,893 (74.93%) allocated to QIB, 24,23,70,758 (29.97%) allocated to QIB (Ex- Anchor), 12,11,85,378 (14.99%) allocated to NII 8,07,90,252 (9.99%) allocated to RII and 36,35,56,135 (44.96%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 60,59,26,893 (74.93%) | NA |
| − Anchor Investor Shares Offered | 36,35,56,135 (44.96%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 24,23,70,758 (29.97%) | NA |
| NII (HNI) Shares Offered | 12,11,85,378 (14.99%) | NA |
| − bNII > ₹10L | 8,07,90,252 (9.99%) | 29,593 |
| − sNII < ₹10L | 4,03,95,126 (5.00%) | 14,796 |
| Retail Shares Offered | 8,07,90,252 (9.99%) | 4,14,308 |
| Employee Shares Offered | 7,97,101 (0.10%) | NA |
| Total Shares Offered | 80,86,99,624 (100.00%) |
Investors can bid for a minimum of 195 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 195 | ₹14,820 |
| Retail (Max) | 13 | 2,535 | ₹1,92,660 |
| S-HNI (Min) | 14 | 2,730 | ₹2,07,480 |
| S-HNI (Max) | 67 | 13,065 | ₹9,92,940 |
| B-HNI (Min) | 68 | 13,260 | ₹10,07,760 |
Ola Electric Mobility IPO raises ₹2,763.03 crore from anchor investors. Ola Electric Mobility IPO Anchor bid date is August 1, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Aug 1, 2024 |
| Shares Offered | 36,35,56,135 |
| Anchor Portion (₹ Cr.) | 2,763.03 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Sep 5, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Nov 4, 2024 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
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.
| 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 |
| Total Income | 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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital expenditure to be incurred by our Subsidiary, OCT for the Project | 1,227.64 |
| 2 | Repayment or pre-payment, in full or part, of the indebtedness incurred by our Subsidiary, OET | 800.00 |
| 3 | Investment into research and product development | 1,600.00 |
| 4 | Expenditure to be incurred for organic growth initiatives | 350.00 |
| 5 | General corporate purposes | 1,297.42 |
| KPI | Mar 31, 2024 |
|---|---|
| RoNW | -78.46% |
| Price to Book Value | 13.72 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | -4.30 | -ve |
| P/E (x) | -17.69 | -ve |
| Promoter Holding | 45.14% | 36.78% |
| Market Cap | ₹33,521.75 Cr. |
The OLA Electric IPO is subscribed 4.45 times on August 6, 2024 6:19:08 PM (Day 3). 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) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 5.53 | 24,23,70,750 | 1,34,03,39,910 |
| NII | 2.51 | 12,11,85,387 | 30,44,48,430 |
| bNII (bids above ₹10L) | 2.75 | 8,07,90,252 | 22,25,02,995 |
| sNII (bids below ₹10L) | 2.03 | 4,03,95,135 | 8,19,45,435 |
| Retail | 4.05 | 8,07,90,252 | 32,70,54,195 |
| Employee | 12.38 | 7,97,101 | 98,69,730 |
| Total | 4.45 | 44,51,43,490 | 1,98,17,12,265 |
Total Application : 13,47,824
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLM's fees (including brokerage and selling commission) | 145.04 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer. Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 5.38 |
| 3 | Fees payable to Registrar to the Offer | 0.25 |
| 4 | Fees payable to the other parties to the Offer | 27.07 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 15.70 |
| 6 | Printing and stationery | 3.76 |
| 7 | Advertising and marketing expenses | 5.53 |
| 8 | Fee payable to legal counsels | 24.26 |
| 9 | Miscellaneous | 24.36 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹76.00 | ₹76.00 |
| Open | ₹75.99 | ₹76.00 |
| Low | ₹75.99 | ₹76.00 |
| High | ₹91.18 | ₹91.20 |
| Last Trade | ₹91.18 | ₹91.20 |
Lead Manager Reports
Ola Electric Mobility IPO is a main-board IPO of 80,86,99,624 equity shares of the face value of ₹10 aggregating up to ₹6,146 Crores. The issue is priced at ₹76 per share. The minimum order quantity is 195.
The IPO opens on Fri, Aug 2, 2024, and closes on Tue, Aug 6, 2024.
MUFG Intime India Pvt.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 Mobility IPO using UPI as a payment gateway. Zerodha customers can apply in Ola Electric Mobility IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Ola Electric Mobility IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Ola Electric Mobility IPO opens on Fri, Aug 2, 2024 and closes on Tue, Aug 6, 2024.
Ola Electric Mobility IPO lot size is 195, and the minimum amount required for application is ₹14,820.
You can apply in Ola Electric Mobility IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Ola Electric Mobility IPO will be done on Wednesday, August 7, 2024, and the allotted shares will be credited to your demat account by Thu, Aug 8, 2024. Check the Ola Electric Mobility IPO allotment status.
The Ola Electric Mobility IPO listing date is on Fri, Aug 9, 2024.
