Established in 2017, Ola Electric Mobility Limited has quickly emerged as a significant player in the electric vehicle (EV) industry. The company focuses on manufacturing electric vehicles and crucial components such as battery packs, motors, and vehicle frames at its advanced Ola Future factory.
The company plans to use the raised amount for multiple initiatives. These include boosting manufacturing capabilities, enhancing research and development, and strengthening the charging infrastructure. It also includes expanding manufacturing capabilities, enhancing research and development, and strengthening the company's charging infrastructure.
In terms of issue size, Ola Electric plans to gather INR 5,500 crore from the sale of 727.37- crore worth of fresh shares and an additional INR 645.56 crore through an offer for sale comprising 84.9 million shares. The IPO price band has been set between INR 72 and INR 76 per equity share. Notably, Ola Electric shares are attracting a premium of more than 17% in the grey market, which is the unofficial market where shares are traded illegally before official listing.
Share allotment will be finalized by August 06, and the listing is scheduled to occur on NSE and BSE on August 09. For retail buyers, the minimum investment required is INR 14,820, with each lot containing 195 shares. There are different lot sizes and investment requirements for Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs), with a small NII needing to invest INR 2,07,480 and a large NII requiring INR 10,07,760.
The book-running lead managers for the IPO are 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. The IPO's registrar services will be managed by Link Intime India.
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