Qualified Institutional Buyer Portion was subscribed 5.31 times. The Retail Portion saw a subscription rate of 3.85 times whereas the Non-Institutional Investors Portion received a 2.39 times subscription. The Employee Portion witnessed the highest subscription at 11.66 times.
The book-running lead managers for the IPO are Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited. Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.
Ola Electric manufactures electric vehicles (EVs) and essential EV components such as battery packs, motors, and vehicle frames at its Ola Futurefactory. The company aims to leverage the electrification of mobility in India while also planning to export EVs to select international markets in the future. Ola commenced deliveries of its first EV model, the Ola S1 Pro, in December 2021, followed by deliveries of Ola S1 in September 2022, Ola S1 Air in August 2023, and Ola S1 X+ in December 2023.
Within nine months of delivering its first electric scooter in December 2021, Ola became the best-selling electric two-wheeler (E2W) brand in India based on monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways (VAHAN), as per the Redseer Report.
Ola's business model includes its research and development (R&D) and technology platform with in-house design and development across EV technologies and components. This model also integrates adaptable manufacturing and supply chain platforms along with a direct-to-consumer (D2C) omnichannel distribution platform. Ola's operations are vertically integrated across R&D, technology, manufacturing, supply chain, sales and service, and charging facilities.
"The current e-scooter Generation 2 platform is the base for the Ola S1 scooter models – Ola S1 Pro, Ola S1 Air, Ola S1 X+, Ola S1 X (2 kWh), and Ola S1 X (3 kWh). It plans to replicate the platform approach for its recently announced motorcycle range which comprises four models – Diamondhead, Adventure, Roadster, and Cruiser."
Ola has established a Futurefactory, Gigafactory, and a Battery Innovation Centre in Bengaluru. It is also in the process of building its EV hub in the Krishnagiri and Dharmapuri districts of Tamil Nadu.
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