The company's initial public offering (IPO) was mostly subscribed by retail investors, with the portion reserved for them being subscribed 1.6 times. The issue, open for subscription from Aug 2 to 6, received bids for 16.3 crore shares against 46.5 crore shares on offer. This translates into a subscription of 35%, according to the data available with the National Stock Exchange (NSE) till 5 pm. The quota set aside for non-institutional investors was subscribed to 20%. However, the portion reserved for qualified institutional bidders (QIBs) did not see any significant bids.
Hyundai Motor Company's 108.8 million equity shares or 2.9% stake in Ola Electric Mobility is valued at $99 million at the highest price band of INR 76 per share. Ola Electric Mobility's shares are priced at INR 72-76 per share, with investors able to bid for a minimum of 195 equity shares per lot and multiples thereof. The company's IPO is a combination of a fresh issue of equity shares up to INR 5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares worth INR 645.56 crore, at the upper end of the price band, by promoters and investors. This takes the total issue size to INR 6,145.56 crore.
Under the OFS, Ola Electric founder Bhavish Aggarwal would offload almost 3.8 crore shares. For Ola Electric, the IPO will provide the much-needed impetus to invest in enhancing cell manufacturing capacity and research and development on future technologies.
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