Ola Electric IPO: What GMP signals ahead of the listing date

Ola Electric Mobility IPO: The initial public offering (IPO) of electric two-wheeler maker Ola Electric Mobility Ltd received decent response from investors as seen in the IPO subscription data. The Ola Electric IPO allotment has been finalised and the equity shares of the company will be listed on Friday, August 9.

Ahead of the stock market debut of shares, investors look out for Ola Electric IPO GMP, or grey market premium, in order to know the estimated listing price of Ola Electric Mobility shares.

The ₹6,145.56 crore worth Ola Electric Mobility IPO opened for public subscription on August 2 and closed on August 6. Ola Electric IPO allotment has been fixed on August 7 and the IPO listing date is August 9.

Investors who received the IPO allotment will get the equity shares credited into their demat accounts on August 8, while unsuccessful bidders will receive the refunds beginning today.

Ola Electric shares will be listed on both the stock exchanges - BSE and NSE. Ahead of the Ola Electric IPO share listing, investors are keen to know the estimated listing price. Investors can predict the Ola Electric shares’ estimated listing price by looking at the GMP today.

Ola Electric IPO GMP

Ola Electric shares are trading at a discounted price in the unlisted market. The Ola Electric IPO GMP today is in negative figures, according to stock market observers. The grey market premium is just an indicative price of IPO listing and should not be considered for investment decisions.

Ola Electric IPO GMP today is minus ₹3. This means that Ola Electric shares are trading at a discount of ₹3 to the issue price in the grey market. Considering the grey market discount and IPO price, the estimated Ola Electric IPO listing price is ₹73 per share, a 4% discount to IPO price of ₹76 per share.

Ola Electric IPO Details

The bidding for Ola Electric Mobility IPO commenced on August 2 and concluded on August 6. The IPO allotment was fixed on August 7 and the IPO listing date is August 9.

Ola Electric IPO price band was set at ₹72 to ₹76 per share. The EV maker raised ₹6,145.56 crore from the book-built issue which was a combination of fresh issue of 72.37 crore equity shares amounting to ₹5,500 crore and offer for sale (OFS) of 8.49 crore shares worth ₹645.56 crore.

Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities and BoB Capital Markets are the book running lead managers of the OLA Electric IPO, while Link Intime India Private Ltd is the IPO registrar.

Ola Electric IPO got subscribed 4.27 times in total as the issue received bids for 198.79 crore equity shares as against 46.51 crore shares on the offer, according to subscription data on NSE.

The public issue was booked 3.92 times in the Retail Individual Investors (RIIs) category and 2.40 times in the Non Institutional Investors (NII) category. The Qualified Institutional Buyers (QIBs) portion received 5.31 times subscription.

Ola Electric is a pure EV player in India and is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. The company manufactures EVs and certain core EV components like battery packs, motors, and vehicle frames at the Ola Futurefactory.

On the financial front, The company’s revenue grew from ₹456.2 crore to ₹5,243.2 crore between FY22 and FY24, while net loss widened from ₹784.14 crore to ₹1,584.4 crore during the same period.

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