OLA ELECTRIC MOBILITY LIMITED

02 Aug 2024 - 06 Aug 2024 Individual Category Main Board BSE

Min Investment

₹14820

Price Band

₹72-₹76

Issue Size

4651.59 lakhs
Equity Shares

Lot Size

195

IPO Dates
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02 Aug 2024

Open Date

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06 Aug 2024

Close Date

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07 Aug 2024

Allotment Date

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09 Aug 2024

Listing Date

Ola Electric is open for subscription from Friday, August 2, 2024, and closing on Tuesday, August 6, 2024. The price band for this IPO is set to Rs 72 – Rs 76 per share. Ola Electric is a 100% book-built public issue. The company is offering a fresh issue of 72.37 crore of equity shares amounting up to Rs 5,500 crore and an offer for sale of 8.49 crore of equity shares amounting up to Rs 645.56 crore, this aggregates to total size 80.86 crore of equity shares amounting up to Rs 6,145.56 crore. The allotment for this new IPO is expected to be finalised on Wednesday, August 7, 2024. This IPO will be listed on the NSE and BSE exchanges on Friday, August 9, 2024. The IPO is managed by Kotak Mahindra Capital Company Limited, BofA Securities India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets India Pvt Limited, Goldman Sachs Securities Pvt Limited, ICICI Securities Limited and BOB Capital Markets Limited, which are the lead managers. The company has appointed Link Intime India Private Limited as the registrar for the issue.

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About Ola Electric Mobility Limited

OLA Electric stands as a prominent player in India's electric vehicle (EV) landscape, exclusively dedicated to EVs. They are actively engaged in constructing a comprehensive infrastructure for EVs, encompassing technology and manufacturing capabilities, including cell production. Operations take place at the Ola Future factory, where they craft EVs and essential components such as battery packs, motors, and vehicle frames. The company strategically focuses on seizing opportunities emerging from the growing trend of electrifying mobility in India. Additionally, they harbor ambitions to venture into international markets, having delivered four products and unveiled six more since their initial product announcement in August 2021. Starting the EV journey with the Ola S1 Pro in December 2021, OLA subsequently rolled out the Ola S1 (September 2022), Ola S1 Air (August 2023), and Ola S1 X+ (December 2023). Further expanding their product line, OLA introduced new EV scooter models, namely Ola S1 X (2 kWh) and Ola S1 X (3 kWh), along with a line-up of motorcycles – Adventure, Diamondhead, Roadster and Cruiser on August 15, 2023.

Founded

2017

Managing Director

Bhavish Aggarwal.

Parent Organization

IPO Objectives

The company plans to use the Net Proceeds for several objectives: expanding OCT's cell manufacturing plant capacity from 5GWh to 6.4GWh (Phase 2 of the Project), repaying or pre-paying OET's debts, investing in research and development, supporting organic growth initiatives, and covering general corporate expenses

Company Promoters

Subscription Details

Investor Category Subscription (times)
Qualified Institutions 0
Non-Institutional Buyers 0
bNII (bids above ₹10L) 0
sNII (bids below ₹10L) 0
Retail Investors 0
Employees 0
Others 0
Total 0

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