Ola Electric IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Aug 07, 2024Let’s have a detailed review of the company and analytics of the Ola Electric IPO release date, IPO offer price, subscription, Ola Electric Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 72 to Rs 76 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 195 Shares |
| Listing Date | August 9, 2024 |
| Offer for Sale | Rs 645.56 Cr. |
| Fresh Issue | Rs 5,500.00 Cr. |
| IPO Size | Rs 6,145.56 Cr. |
| Tick Size | 1 |
Ola Electric IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.
| Live Performance – Ola Electric Share Price |
Ola Electric IPO – Summary
They are a pure EV player in India and are building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. They manufacture EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory.
Their business focuses on capturing the opportunity arising out of electrification of mobility in India and they also seek opportunities to export their EVs in select international markets in the future.
The Promoter of this company is BHAVISH AGGARWAL. The lead manager of the issue is 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, and the Registrar of this issue is Link Intime India Private Limited.
Ola Electric IPO Date
The opening and closing dates of Ola Electric IPO are August 2, 2024, and August 6, 2024, respectively.
Ola Electric IPO Subscription
| Day / Date | QIB | NII | RII | Emp | Total Subscription |
| 1st Day – 2nd Aug | 0.00x | 0.22x | 1.70x | 5.42x | 0.38x |
| 2nd Day – 5th Aug | 0.42x | 1.17x | 3.05x | 9.72x | 1.12x |
| 3rd Day – 6th Aug | 5.53x | 2.51x | 4.05x | 12.38x | 4.45x |
| Shares Offered or Net Issue | 242,370,750 | 121,185,387 | 80,790,252 | 797,101 | 808,699,625 |
The shares subscribed by the public will be updated here.
Ola Electric IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Ola Electric Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | August 7, 2024 |
| Refunds Initiation | August 8, 2024 |
| Credit of Shares to Demat Account | August 8, 2024 |
| Share Listing Date | August 9, 2024 |
Ola Electric IPO Price Band
The face value of each share is Rs.10, but the price band of the IPO is Rs 72 to Rs 76
Ola Electric IPO Equity Size
This Initial Public Issue of 808,626,207 Equity Shares of Rs.10 each for cash at a price of Rs 72 to Rs 76 per equity share aggregating to Rs.6,145.56 Cr.
Ola Electric IPO Share Offering
Fresh Issue: The Issue (excluding the Market Maker Reservation Portion) of 808,626,207 Equity Shares of Rs.10/ each.
Issue Size: 808,626,207 Equity Shares of Rs.10 each, aggregating to Rs.6,145.56 Cr.
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Ola Electric IPO – Live Performance
The listing date of this IPO is August 9, 2024. You can check the live performance of the IPO here, only after it is listed on exchanges.
| Live IPO Performance – Ola Electric Share Price |
Ola Electric IPO Grey Market Premium
The Ola Electric Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is Rs X.
Ola Electric IPO – Company Overview
They have delivered seven products and additionally announced four new products since their first product announcement in August 2021. They commenced delivery of their first EV model, the Ola S1 Pro, in December 2021. This was followed by the delivery of the Ola S1 in September 2022, the Ola S1 Air in August 2023, the Ola S1 X+ in December 2023 and the Ola S1 X (2 kWh), the Ola S1 X (3 kWh) and the Ola S1 X (4 kWh) in May 2024.
On August 15, 2023, they also announced a line-up of motorcycles comprising four models, Diamondhead, Adventure, Roadster and Cruiser. They plan to commence delivery of the motorcycles in the first half of Fiscal 2026. They had the highest revenue of all Indian incorporated electric 2Ws (“E2Ws”) original equipment manufacturers (“OEMs”) from E2W sales in Fiscal 2023, according to the Redseer Report.
Within nine months of delivering their first EV scooter in December 2021, they became the best-selling E2W brand in India in terms of monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways (“VAHAN”) according to the Redseer Report.
Ola Electric IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | |||
| 31-Mar-24 | Mar-23 | 31-Mar-22 | |
| Total Assets | 77,354.09 | 55,731.69 | 53,958.63 |
| *Total Revenue | 52,432.70 | 27,826.97 | 4,562.60 |
| Total Expense | 62,774.11 | 38,833.75 | 11,738.12 |
| Profit After Tax | (15,844.00) | (14,720.79) | (7841.50) |
Earnings per Equity Share (in Million)
| 31-Mar-24 | Mar-23 | 31-Mar-22 | |
| Basic & Diluted | (4.35) | (3.91) | (2.23) |
Further, their PAT for the period ended on March 31, 2024, March 31, 2023, and March 31, 2022, were Rs. (15,844.00) Million, Rs. (14,720.79) Million and Rs. (7841.50) Million respectively.
Ola Electric IPO – Promoters
The Promoter of this company is:
- BHAVISH AGGARWAL
List of Related Parties (Key Managerial Personnel)
- Bhavish Aggarwal, Chairman and Managing Director
- Krishnamurthy Venugopala Tenneti, Non-Executive Director
- Arun Sarin, Non-Executive Director
- Manoj Kumar Kohli, Independent Director
Ola Electric IPO – Promoters Holding
- Pre-Issue Share Holding – 85.77%
- Post-Issue Share Holding – %
Ola Electric IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to X Equity Shares aggregating up to Rs.[●] Million |
| of which: | |
| Issue Reserved for the Market Makers | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Net Issue to the Public | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Of which: | |
| Retail Investors Portion | Not less than [●] Equity Shares |
| Other than Retail Individual Investors | Not more than [●] Equity Shares |
| Equity Shares outstanding prior to the Issue | 3,687,072,258 Equity Shares |
| Equity Shares outstanding after the Issue | X Equity Shares |
Ola Electric IPO Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
- Capital expenditure to be incurred by their Subsidiary, OCT for expansion of the capacity of their cell manufacturing plant from 5 GWh to 6.4 GWh, classified as phase under the expansion plan (the “Project”);
- Repayment or pre-payment, in full or part, of the indebtedness incurred by their Subsidiary, OET;
- Investment into research and product development;
- Expenditure to be incurred for organic growth initiatives; and
- General corporate purposes.
Ola Electric IPO – Business Strategy
- Build “India” centric EV products with an “India first” strategy
- Continue to invest in R&D to advance their technological capabilities and optimize costs
- Building an EV hub with vertically integrated manufacturing and supply chain to improve cost efficiency
- Develop their cell technology and strengthen their in-house manufacturing capabilities
Ola Electric IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Pure EV player with a leadership position in the fast-growing Indian E2W market
- Founder led company supported by a highly experienced and professional leadership team
- In-house R&D and technology capabilities
- Manufacturing at scale and supply chain resilience
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-24 | (4.35) | (78.46) | 5.54 |
| 31-Mar-23 | (3.91) | (62.47) | – |
| Mar-22 | (2.23) | (21.42) | – |
Ola Electric IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | Revenue from operations (Rs. in Millions) | |
| Ola Electric Limited | 10 | [●] | (4.35) | (78.46%) | 50,098.31 |
| Listed Peers | |||||
| TVS Motors | 1 | 68.99 | 35.50 | 23.68% | 3,91,447.40 |
| Eicher Motors | 1 | 33.58 | 146.18 | 22.17% | 1,65,357.80 |
Ola Electric IPO Lead Managers
| Lead Managers |
|
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 BOB Capital Markets Limited |
Ola Electric IPO Registrar to offer
| Registrar to the Offer |
| Link Intime India Private Limited C-101, 1st Floor, 247 Park L.B.S. Marg, Vikhroli West Mumbai 400 083 Maharashtra, India Tel: +91 810 811 4949 E-mail: olaelectric.ipo@linkintime.co.in Website: www.linkintime.co.in Investor Grievance ID: olaelectric.ipo@linkintime.co.in Contact Person: Shanti Gopalkrishnan SEBI Registration Number: INR000004058 |
Ola Electric IPO – Other Details
- Statutory Auditor – B S R & Co. LLP, Chartered Accountants
- Legal Counsel to the Company – Cyril Amarchand Mangaldas
- Bankers to the Company – Axis Bank Limited, Bank of Baroda, Kotak Securities Limited etc
Ola Electric IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Ola Electric Limited IPO News
News 1 – IPO DRHP Download
News 2 – IPO RHP Prospectus Download
Ola Electric IPO Review FAQs
Check out various FAQs related to Ola Electric IPO:
What is the Issue Size of Ola Electric IPO?
The Company is making an initial public offer of 808,626,207 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Ola Electric IPO?
The price band for this particular IPO ranges between Rs 72 to Rs 76. As far as the face value of the share is concerned, it is Rs. 10 per share.
What is the Ola Electric IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on August 2, 2024, while the closing date is set at August 6, 2024.
What is the Ola Electric IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. The basis of Allotment finalization is on August 7, 2024, refund initiation is on August 8, 2024, credit of shares is on August 8, 2024, and share listing date is on August 9, 2024.
What is the Ola Electric IPO Listing Date?
Shares of this company shall be listed in the exchanges on August 9, 2024. The date, when the listing would be done, is stagnant on August 9, 2024.
Who is the Registrar of Ola Electric IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Ola Electric IPO?
Here are the promoters of this IPO – BHAVISH AGGARWAL. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Ola Electric IPO?
They have obtained the GMP of this IPO and it is Rs NA. Further insights into the Kostak rate and subject to sauda or SS are as well included in this report.
Is Ola Electric IPO Good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Ola Electric Company?
They have the information on company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2024 in Million is (15,844.00), 2023 is (14,720.79), and 2022 is (7841.50).
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