The initial public offering (IPO) for Ola Electric starts today, August 2. Led by Bhavish Aggarwal, Ola Electric holds nearly a 35% share of India’s electric two-wheeler market for the fiscal year 2024. The IPO will be open for subscription until August 6. The allotment of shares is planned for August 7, and shares are expected to be credited to investors’ demat accounts on August 8. The shares are anticipated to be listed on the stock exchanges on August 9.
Important Dates for Ola Electric IPO:
- Subscription Period: August 2 to August 6
- Allotment Date: August 7
- Shares Credited to Demat Accounts: August 8
- Listing Date: August 9
Lot Size:
- Each lot consists of 195 equity shares, with additional lots also in multiples of 195 shares.
IPO Details:
- The IPO involves an offer for sale (OFS) of 8.49 crore equity shares by existing investors and promoters. Bhavish Aggarwal will sell approximately 3.8 crore shares as part of this offering.
- The shares are allocated as follows: 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
Purpose of the IPO Proceeds:
- The funds raised will be used for repaying debt, supporting organic growth efforts, investing in research and development, and covering general corporate expenses.
Listing Details:
- Ola Electric shares are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on August 9.
IPO Management:
- The lead managers for the IPO include Bob Capital Markets Ltd., Goldman Sachs (India) Securities Private Ltd., ICICI Securities Ltd., Axis Capital Ltd., Bofa Securities India Ltd., SBI Capital Markets Ltd., and Kotak Mahindra Capital Company Ltd.
- Link Intime India Private Ltd. is the registrar handling the IPO.
