Bhavish Aggarwal-led Ola Electric's Rs 6,145-crore initial public offering (IPO) was fully subscribed on the second day of the share sale with retail portion subscribed 3 times and employee portion booked 9 times so far on August 5.
The SoftBank-backed company's IPO, the first by an electric vehicle maker in India and also the country's biggest this year, received bids for about 490.6 million shares, exceeding the 465.2 million on offer, exchange data showed.
The IPO saw bids from qualified institutional buyers (QIBs) on the second day of its bidding, with the portion getting subscribed about 0.40 times.
The non-institutional investors portion also saw robust bidding as it wasfully subscribed on day two with 1.11 times of total bids The employee reserved category led the subscription, with the offering subscribed about 8.98 times followed by the retail category subscribed 2.87 times.
The Ola Electric IPO, in which 8.82 crore shares are on offer, closes for subscription on Tuesday, August 6.
Established in 2017, Ola Electric Mobility Limited has swiftly become a major player in the electric vehicle EV) industry. The company specialises in manufacturing electric vehicles and essential components, such as battery packs, motors, and vehicle frames, at its state-of-the-art Ola Futurefactory.
Since it was established, Ola Electric has significantly broadened its range of products:
Ola S1 Pro: The initial electric vehicle model was released in December 2021.
Ola S1 Series: Comprising of the Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+.
New EV Models and Motorcycles like the Diamondhead, Adventure, Roadster, and Cruiser were announced for August 2023.
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