Ola Electric to Launch IPO with Price Band of Rs 72-76 per Share

Ola Electric Mobility Limited is launching its IPO, offering equity shares priced between Rs 72-76. The subscription runs until August 6, involving fresh issues and sales by shareholders. Shares will list on BSE and NSE, managed by eight financial institutions.

Ola Electric Mobility Limited, the Bengaluru-based electric vehicle company, will open its Initial Public Offering (IPO) on Friday. The company has set a price range between Rs 72 and Rs 76 per equity share, each with a face value of Rs 10, according to a press release. The subscription period will continue until August 6.

The IPO will comprise a fresh issue of equity shares worth up to Rs 55,000 million and an offer for sale of up to 84,941,997 equity shares from various shareholders. Additionally, a portion will be reserved for eligible employees.

Investors can bid for a minimum of 195 equity shares and multiples of 195 shares thereafter. The floor price is set at 7.2 times the face value, while the cap price is 7.6 times the face value.

The shares are expected to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The IPO will be managed by financial institutions including Kotak Mahindra Capital, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets, and BOB Capital Markets. Link Intime India will serve as the registrar.

Under the Book Building Process, a minimum of 75% of the net offer will be allocated to Qualified Institutional Buyers, 15% to Non-Institutional Bidders, and a maximum of 10% to Retail Individual Bidders. The securities cannot be offered or sold in the United States without registration or an applicable exemption under the U.S. Securities Act of 1933.

Ola Electric Mobility Limited does not plan to register any portion of the offering in the U.S. or conduct a public offering of securities there.