- By Aditya Pratap Singh
- Tue, 06 Aug 2024 02:23 PM (IST)
- Source:JND
Ola Electric IPO subscription status: As of noon on August 6 (1:30 pm), Ola Electric's initial public offering has been subscribed more than 2.13 times. The last date for subscriptions is also August 6. The share sale was fully subscribed yesterday, which was the second day of the domestic electric manufacturer's initial share sale.
The company launched its IPO on August 02 to raise Rs 6,145.56 crore through a combination of fresh shares as well as an offer for sale.
IPO was fully subscribed on Day 2
After receiving great demand from retail and non-institutional investors, Ola Electric Mobility’s Rs 6,145 crore initial public offering was fully subscribed on Monday, the second day of IPO. The initial share sale received bids for 49,43,85,840 shares, which translates into 1.06 times subscription against the 46,51,59,451 shares on offer, BSE data showed.
Ola Electric IPO Subscription Status
As of 2:00 p.m. on August 06, the quota of non-institutional investors was subscribed 1.11 times, the category of retail individual investors (RIIs) was subscribed 3.58 times, and the employee portion was booked 10.90 times.
On Friday, August 2, which was the first day of bidding, electric two-wheeler company Ola Electric Mobility witnessed a 35% subscription its Rs 6,145.56 crore, indicating a low level of investor interest.
The IPO saw investors and promoters offering for sale (OFS) 8.49 crore equity shares worth Rs 645.56 crore at the higher end of the price spectrum, besides a fresh issue of equity shares up to Rs 5,500 crore. Under the OFS, Ola Electric founder Bhavish Agarwal will sell about 38 million shares.
Ola Electric IPO GMP
Amid the increasing volatility in the broader markets, Ola Electric’s grey market premium (GMP) has suffered a significant hit, eroding bidding sentiment. As recently as last week, the company held a premium of just Rs 4 on the unofficial market, which indicates a listing pop of around 5 percent for investors. However, when the IPO was announced, GMP was trading at Rs 16.