
Ola Electric IPO day 1 highlights: Ola IPO hit the D-Street today (Friday, August 2) and will close on Tuesday, August 6. The initial public offer of electric vehicle maker received 35 per cent subscription on the first day of bidding on Friday, as per BSE data.
The quota for retail investors received 1.57 times subscription, while the non institutional investors part got subscribed 20%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 4.88 times.
The initial share sale received bids for 16,34,52,510 shares against 46,51,59,451 shares on offer, according to BSE data.
The issue's price band has been fixed in the range of ₹72 to ₹76 per equity share of face value of ₹10. The company received ₹2,763 crore from major investors prior to the start of the IPO subscription period on Thursday, August 1. Since the state-owned Life Insurance Corp (LIC) of India's ₹21,000 crore IPO in May 2022, Ola Electric's ₹6,146 crore IPO is the largest. The IPO consists of an offer for sale (OFS) of 8.49 crore equity shares valued at ₹645.56 crore at the higher end of the price range by investors and promoters, in addition to a new issue of equity shares up to ₹5,500 crore. Under the OFS, Ola Electric's founder, Bhavish Aggarwal, will sell around 3.8 crore shares.
Stay tuned to our Ola Electric IPO Live blog for all the latest updates on subscription status.
Ola Electric IPO Live: Ola IPO subscribed 35% on the first bidding day
Ola Electric IPO subscription status is 35%, as per BSE data.
The quota for retail investors received 1.57 times subscription, while the non institutional investors part got subscribed 20%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 4.88 times.
Ola Electric IPO Live: Ola IPO subscribed 32% on the first bidding day so far
At 16:00 IST, Ola Electric IPO subscription status is 32%, as per BSE data.
The quota for retail investors received 1.57 times subscription, while the non institutional investors part got subscribed 20%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 4.88 times.
Ola Electric IPO Live: Ola IPO listing date and allotment details
On Wednesday, August 7, the Ola Electric IPO basis for share allocation is anticipated to be finalised. The shares will be deposited to the allottees' demat accounts on the same day as the refund, which is scheduled to start on Thursday, August 8. Ola Electric share price is likely to be listed on BSE and NSE on Friday, August 9.
Ola Electric IPO Live: Check out Ola’s Market Leadership
Ola Electric is able to profit from the quickly expanding Indian two-wheeler sector because of their exclusive and unwavering emphasis on EVs. The Redseer Report states that Ola accounted for almost 35% of all electric two-wheeler (E2W) registrations in India in FY 2024, making it the top seller of E2Ws in that country.
Ola Electric IPO Live: Ola IPO subscribed 32% on the first bidding day so far; retail, employee portion fully booked
At 16:00 IST, Ola Electric IPO subscription status is 32%, as per BSE data.
The quota for retail investors received 1.48 times subscription, while the non institutional investors part got subscribed 16%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 4.61 times.
Ola Electric IPO Live: E2W maker aims to be a one-stop shop for the EV industry; here's what brokerage says
The goal of being a one-stop shop for the electric vehicle sector by offering cutting edge technology, cutting edge infrastructure, and battery production should bode well for future expansion. Notwithstanding this, brokerage LKP Securities is aware that the business is experiencing operating-level losses, although to a lesser extent (from 47.6% in FY23 to 25.3% in FY24).
"Based on the narrative of EV proliferation in the country (current EV scooter penetration at 15%), we believe Ola to run the tide being the only pure play 2W EV. Therefore, keeping an eye and a cautious view on the demand and thereby the reduction in losses for Ola, we recommend to SUBSCRIBE this IPO with a long term perspective," said LKP Securities in its report.
Ola Electric IPO Live: ‘It’s a pure long term investment bet,’ says market expert.
Contributing editor at Chittorgarh.com Dilip Davda believes that the firm is a pure E2W play developing leader and that competition is expected to intensify as more large and small companies throw their hats into the ring. Ola has paved the way for its future by building the Gigafactory and future factory to rival any form of rivalry. The firm actually intends to expand into E-2W motorcycles, three-wheelers, vehicles, and—most importantly—the 4680 Li-thion battery, where it hopes to establish a worldwide center for electric vehicle batteries. Although its top line has been growing annually, its bottom line has improved due to lower losses.
“No doubt it will take some more time to turn the corner and wipe out the losses. Thus it’s a pure long term investment bet. Well-informed investors may park moderate funds for long term," added Davda.
Ola Electric IPO Live: Ola IPO to fetch nearly $100 Million to Hyundai Motor Company
As per the red herring prospectus (RHP), Ola Electric Mobility Limited is backed by Hyundai Motor Company, will garner close to $100 million for Hyundai’s 2.95% stake in its $734 million ( ₹6,145.56 crore) IPO.
Ola Electric IPO Live: Ola IPO subscribed 29% on the first bidding day so far; retail, employee portion fully booked
At 14:42 IST, Ola Electric IPO subscription status is 29%, as per BSE data.
The quota for retail investors received 1.34 times subscription, while the non institutional investors part got subscribed 14%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 4.31 times.
Ola Electric IPO Live: Hensex Securities suggests applying for listing gains as well as for a long-term investment perspective
According to brokerage, the company is its investment phase, and consequences thereof has reported Net losses and negative cash flows. With the shift in consumer preference towards EV the company exhibit great potential ahead. They recommend a ‘SUBSCRIBE’ to the issue with listing gains as well as for long-term investment perspective.
Ola Electric IPO Live: E2W maker subscribed 26% on the first bidding day so far; retail, employee portion fully booked
At 13:45 IST, Ola Electric IPO subscription status is 26%, as per BSE data.
The quota for retail investors received 1.22 times subscription, while the non institutional investors part got subscribed 12%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 4.00 times.
Ola Electric IPO Live: Check out the E2W maker's listed peers
The company's listed peers are TVS Motors (with a P/E of 68.99), Eicher Motors (with a P/E of 33.58), Bajaj Auto (with a P/E of 34.02), and Hero MotoCorp (with a P/E of 28.89).
Ola Electric IPO Live: E2W maker subscribed 23% on the first bidding day so far; retail portion fully booked
At 12:54 IST, Ola Electric IPO subscription status is 23%, as per BSE data.
The quota for retail investors received 1.07 times subscription, while the non institutional investors part got subscribed 10%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 3.63 times.
Ola Electric IPO Live: Here's all you need to know about Ola's manufacturing and supply chain capabilities
In just eight months, the company constructed the Ola Futurefactory, which will have an installed capacity of one million units annually by the end of FY24. The Ola Futurefactory is where the firm produces EVs and some essential EV parts including motors, battery packs, and vehicle chassis (beginning August 1, 2023) for use in EVs.
The State Government of Tamil Nadu has set aside 700 acres of land for the EV hub, with the intention of allocating it to providers who co-locate there for a period of two years.
Ola Electric IPO Live: E2W maker subscribed 21% on the first bidding day so far
At 12:30 IST, Ola Electric IPO subscription status is 21%, as per BSE data.
The quota for retail investors received times subscription, while the non institutional investors part got subscribed 9%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 3.46 times.
Ola Electric IPO Live: Let's take a look at some of Ola Electric Mobility Products
The Ola S1 scooter models—Ola S1 Pro, Ola S1 Air, Ola S1 X+, Ola S1 X (2 kWh), and Ola S1 X (3 kWh)—are built on the current EV scooter Generation 2 platform. For its recently unveiled motorbike line, which consists of the Diamondhead, Adventure, Roadster, and Cruiser models, it intends to adopt a similar platform strategy.
Ola Electric IPO Live: E2W maker subscribed 18% on the first bidding day so far
At 11:51 IST, Ola Electric IPO subscription status is 18%, as per BSE data.
The quota for retail investors received 87% subscription, while the non institutional investors part got subscribed 8%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 3.09 times.
Ola Electric IPO Live: ‘Valuation ease, but volatility concerns,’ says InCred Equities
According to InCred Equities, the early teen gross profit margin in FY24 and the PLI clearance for two of its scooters began to add up in January 2024. Watch out for the E2W section will be primarily triggered by the FAME III policy incentive. Reduced IPO value to USD 4 billion reduces valuation risk at 6.8 times FY24 revenues as opposed to global EV rivals' 3–8 times CY23F.
“We are constructive on IPO, however, quarterly volatility from policy, EV cell plant delay penalty risk and regular PE share sale to limit stock price gains. EV cell production success can extend an option value of Rs.7-10 per share," added InCred.
Ola Electric IPO Live: E2W maker subscribed 16% on the first bidding day so far
At 11:27 IST, Ola Electric IPO subscription status is 16%, as per BSE data.
The quota for retail investors received 77% subscription, while the non institutional investors part got subscribed 7%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 2.82 times.
Ola Electric IPO Live: Deven Choksey Research recommends subscribing to the ₹6,146 crore issue
“At the upper end of the price band, the Company’s EV/revenue is 6.6x which is slightly higher than the median of peers. We believe the Company will gain market share as it commands a leadership position in the E2W segment. The Company prioritizes R&D and plans to continue launching next-generation EVs. The Company’s strategic initiatives include the development of the Ola Gigafactory and a focus on backward integration to enhance supply chain control and cost efficiency. Overall, the growth plans and cost efficiency initiatives justify the valuation. We recommend a ‘SUBSCRIBE’ rating on the IPO of Ola Electric Mobility," the brokerage said.
Ola Electric IPO Live: E2W maker subscribed 14% on the first bidding day so far
At 11:00 IST, Ola Electric IPO subscription status is 14%, as per BSE data.
The quota for retail investors received 64% subscription, while the non institutional investors part got subscribed 5%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 2.33 times.
Ola Electric IPO Live: Here's why Swastika Investmart has a neutral stance on Ola IPO
The brokerage claims that the company plans to penetrate the E-2W bike, three-wheeler, automotive, and—most significantly—the 4680 Li-thion battery sector, where it wants to become a global hub for electric vehicle batteries. Despite yearly growth in its revenue line, decreased losses have boosted its bottom line.
“Undoubtedly, more time will be needed to turn the corner and eliminate the losses. We have a neutral position on this IPO in light of these reasons," the brokerage said.
Ola Electric IPO Live: Ola IPO open for subscription, employee portion fully booked
With the employee part leading the way, Ola IPO has got off to a quiet start today in an overall weak market. At 10:27 IST, Ola Electric IPO subscription status is 8%, as per BSE data.
The quota for retail investors received 36% subscription, while the non institutional investors part got subscribed 3%. The portion for Qualified Institutional Buyers (QIBs) portion is yet to be booked, and the employee portion was booked 1.07 times.
Ola Electric IPO Live: Ola IPO hits D-Street today, Should you buy now?
According to Brokerage AnandRathi's research, Ola Electric Mobility is the fastest-growing area within the electric vehicle market. It is projected that EVs will contribute significantly to the future growth of the global automobile industry. Nonetheless, we think Ola has a lot of space to develop in the upcoming years because to favorable market conditions, legal requirements, and the increased capacity utilisation of Ola Futurefactory on an annual basis.
“on the valuation front, we believe that the company is richly priced. Thus, we recommend a “Subscribe – long term" rating to the IPO with a higher risk appetite," the brokerage said.
Ola Electric IPO Live: SoftBank-backed E2W maker raises ₹2,763 crore from anchor investors
The company garnered ₹2,763.03 crores from anchor investors ahead of its initial public offering. The company informed the bourses that it allocated 36,35,56,135 equity shares at ₹76 per share on Thursday, August 1 to anchor investors.
Foreign and Domestic Institutions who participated in the anchor were SBI MF, HDFC MF, Nippon MF, UTI MF, Mirae Asset MF, Norges, Nomura, Fidelity, Franklin Templeton, Pictet, Sundaram MF, HDFC Life Insurance Company, Matthews MF, Kotak Mahindra Life Insurance Company Ltd, Jupiter MF, Bandhan MF, BNP Paribas MF, Bharti AXA Life Insurance Company Ltd, JM Financial MF, Goldman Sachs, Societe Generale, Morgan Stanley, Bengal Finance and Investment Pvt Ltd, and others.
Ola Electric IPO Live: Here's what GMP signal's ahead of opening
Ola Electric Mobility IPO GMP today or grey market premium is +13. This indicates Ola Electric share price were trading at a premium of ₹13 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ola Electric share price was indicated at ₹89 apiece, which is 17.11% higher than the IPO price of ₹76.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.