Ola Electric IPO Subscription Day 1: Before its launch, there was a lot of craze among investors about the IPO of electric scooter maker Ola Electric. But on the first day of subscription, such craze was not seen. Today, on the first day of this IPO, investors did not give it much price and it has not been filled even half. However, the reserved portion for employees is getting decent bids. At the same time, there is no jump in its premium in the grey market.
This IPO can be subscribed till August 6. The company has fixed the price band for the IPO at Rs 72-76 per share. The size of the IPO is Rs 6150 crore. Fresh equity shares worth Rs 5500 crore will be issued in the Ola Electric IPO. At the same time, there will be an offer for sale (OFS) of 95,191,195 shares i.e. about Rs 646 crore. It will be listed in the stock market on August 9.
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Only 37% subscribed so far
In Ola Electric’s IPO, 10 percent share has been reserved for retail investors and it has been filled 1.68 times or 168 percent on the first day. At the same time, 75 percent share is reserved for qualified institutional buyers i.e. QIB and subscription has not started in it yet. While 15 percent share has been reserved for non-institutional investors i.e. NII and it has been filled only 0.22 times or 22 percent so far. At the same time, the reserved share for employees has been filled 5.29 times or 529 percent. Employees get a discount of Rs 7 per share.
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Ola Electric GMP : 20%
There has been no change in the grey market regarding Ola Electric on the first day of the IPO. The company’s unlisted stock is at a premium of Rs 15 in the grey market. This is a 20 percent premium in terms of the upper price band of Rs 76.
Rating of IPOs
Brokerage house LKP Securities has advised to subscribe to Ola Electric Mobility’s IPO for a long term. Brokerage house Anand Rathi has advised only risk-taking investors to subscribe to the IPO for a long term.
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What is the growth strategy of the company
• India centric EV products with India first strategy
• Continue to invest in research and development to advance technological capabilities and optimize costs
• Creation of an EV hub with vertically integrated manufacturing and supply chain to improve cost efficiency.
• Developing cell technology and strengthening in-house manufacturing capabilities.
• Expanding product portfolio to enhance market penetration.
• Strengthening the D2C omnichannel network across sales, services and charging.
• Efficient allocation of capital and focus on growth.
• Strongly positioned to capitalise on global EV opportunities.
Source: SBI Securities
(Disclaimer: Advice or information regarding investing in shares (IPO) is given by the brokerage house. These are not the personal views of Financial Express. There are risks in the market, so take expert advice before investing.)
