The company allotted 36.35 crore shares to various domestic and foreign institutions at INR 76 apiece, which is the upper price band for the public offer.
Among the marquee funds who participated in the anchor round include Nomura, Fidelity, HDFC MF, Franklin Templeton, HDFC Life Insurance, JM Financial MF, BNP Paribas MF, SBI MF among others.
The IPO, which is completely a fresh equity sale of 57.95 lakh shares, received robust response from investors with an overall subscription of over 150 times at close.
The net proceeds from the public offer will be used for funding working capital requirements, investment in its subsidiary for repayment of debt and general corporate purposes.
The company has priced the IPO in the range of INR 72-76 per share and at the upper end, the company will be valued at market cap-to-sales of 6.6x with a market cap of just over INR 33,500 crore. Currently top global automobile entities are trading between 1-8x on the same metric.
The company has lowered its valuation than in its last funding round in September led by Singapore’s investment firm Temasek, which valued it at over INR 48,000 crore.
Ola Electric is a leading electric two-wheeler player in India with highest revenues among all the EV two-wheeler manufacturers. It is also 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. It delivered seven products and additionally announced four new products since the first product announcement in August 2021.
Ola Electric's revenue from operations increased to INR 5,009.8 crore in fiscal 2024, up from INR 2,630.9 crore in fiscal 2023. This growth was primarily driven by increased sales of the Ola S1 and Ola S1 Pro scooters and the commencement of deliveries of the Ola S1 Air and Ola S1 X+ in fiscal 2024.
However, the company's loss for the year increased to INR 1,584.4 crore in fiscal 2024, up from a loss of INR 1,472 crore in fiscal 2023.
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