Ola Electric Mobility's Rs 6,145.56 crore Initial Public Offering (IPO) of Ola Electric Mobility Limited was subscribed 4.26 times on the final day of bidding.
The issue received bids of 1,98,14,05,530 shares against the offered 46,51,59,451 equity shares, at a price band of Rs 72-76, according to the data available on the stock exchanges.
The Qualified Institutional Buyer Portion was subscribed 5.31 times. The Retail and Non-Institutional Investors Portion were subscribed 3.85 times and 2.39 times respectively, whereas Employee Portion was subscribed 11.66 times.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
Bhavish Aggarwal-led Ola Electric is the first pure electric vehicle maker to go public in India and the first by an automaker here in the last 20 years. Ola Electric is the market leader in the electric two-wheeler segment with over 35% market share, competing with Bajaj Auto, TVS Motor, Ather and Hero MotoCorp.
The company plans to use Rs 1,226.43 crore from its net proceeds of the IPO for cell manufacturing at its upcoming Giga factory in Krishnagiri, Tamil Nadu. The company will also use Rs 1,600 crore for research and product development, and Rs 800 crore for debt repayment.