Ola Electric’s IPO starts today, August 2, and will close on August 6. The price range for the shares is set between ₹72 and ₹76 each, with each share having a face value of ₹10. The company raised ₹2,763 crore from big investors before the IPO started on August 1. This IPO, worth ₹6,146 crore, is the biggest since LIC’s ₹21,000 crore IPO in May 2022. The IPO includes an offer for sale (OFS) of 8.49 crore shares valued at ₹645.56 crore at the top price range, along with a new issue of shares up to ₹5,500 crore. Founder Bhavish Aggarwal will sell around 3.8 crore shares through the OFS.
Ola Electric Raises ₹2,763 Crore from Anchor Investors:
Ola Electric secured ₹2,763.03 crore from anchor investors before the IPO. They allocated 36.35 crore shares at ₹76 each to these investors on August 1. Participants included major names like SBI MF, HDFC MF, Nippon MF, UTI MF, and many more, including international investors like Nomura and Fidelity.
Ola Electric IPO Grey Market Premium:
The grey market premium (GMP) for Ola Electric’s IPO is +13, meaning shares were trading at ₹13 more than the issue price. Given the top price band of ₹76, this indicates a potential listing price of ₹89 per share, which is 17.11% higher than the issue price. The GMP shows how much investors are willing to pay above the issue price.
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