Ola Electric IPO grey market premium drops 75%; retail portion booked 2.6 times on day 2 so far
Ola Electric Mobility is selling its shares in the price band of Rs 72-76 per share.Investors may submit applications for multiples of 195 shares at minimum. With the IPO, which includes a new share sale of Rs 5,500 crore, it hopes to raise Rs 6,145.56 crore. and an offer for sale (OFS) of 84,941,997 equity shares.
According to data, investors placed bids for 33,27,23,040 equity shares or 72 per cent of the total as against 46,51,59,451 equity shares on offer till 1.20 pm on Monday, August 5. The three-day bidding for the issue will end on Tuesday, August 6.
Whereas 81% of the shares allocated for non-institutional investors (NIIs) were subscribed, the allotment for the retail sector was only subscribed 2.61 times. There were 8.38 reservations made for the employee portion. Nevertheless, until then, no substantial bids were received for the quota reserved for qualified institutional bidders (QIBs).
Bengaluru-based Ola Electric Mobility was founded in 2017 and is a pure electric vehicle manufacturer that primarily manufactures electric vehicles and some core components for electric vehicles such as battery packs, motors and vehicle frames at Ola Futurefactory.