Ola Electric IPO: Employee quota fully subscribed, retail portion booked 54% within 45 minutes

Ola Electric IPO: Ola Electric's Initial Public Offering (IPO) has seen high demand, with the employee quota fully subscribed within 30 minutes of the opening. Data from the National Stock Exchange (NSE) shows that retail individual investors also exhibited strong interest, with their portion being 54 per cent booked within the first 45 minutes.

The employee segment received 16,82,070 bids for 8,46,153 shares on offer, resulting in an oversubscription of 1.99 times. Meanwhile, retail investors placed 4,56,27,855 bids for the 8,48,06,699 shares available, with a total of 4,33,55,715 bids received at the cut-off price.

In contrast, non-institutional investors and qualified institutional buyers displayed a more subdued response during the early bidding phase.

Ola Electric is aiming to raise Rs 6,166 crore through the IPO, which includes both fresh issue of shares and offer for sale. The company plans to issue 72.37 crore fresh shares to raise Rs 5,500 crore, and an offer for sale of 8.49 crore shares, totalling Rs 645.56 crore.

The IPO will be open until August 6, with the final allotment expected by Wednesday, August 7. The shares are scheduled to list on the BSE and NSE, with a tentative listing date of Friday, August 9.

The price band for the IPO is set between Rs 72 and Rs 76 per share. Retail investors can apply for a minimum lot size of 195 shares, requiring an investment of Rs 14,820 at the upper end of the price band. Small non-institutional investors (sNII) need to invest in at least 14 lots, totalling 2,730 shares, costing Rs 207,480. Large non-institutional investors (bNII) must invest in a minimum of 68 lots, comprising 13,260 shares, amounting to Rs 1,007,760.

Ola Electric is a leader in the domestic electric two-wheeler segment, offering investors a chance to capitalize on the growing EV sector.