OLA Electric IPO will open for subscription from 02 August 2024. The company aims for an issue size of ₹6,145.56 Cr through this IPO.
Company Overview
Full name | OLA Electric Mobility Limited |
Sector | Automobile & Ancillaries |
Industry | Automobile Two & Three Wheelers |
Company Website | https://www.olaelectric.com/ |
About Company
OLA Electric stands as a dedicated EV pioneer in India, forging ahead with vertically integrated technology and manufacturing prowess for electric vehicles and their essential components, including cells. At the cutting-edge Ola Futurefactory, they craft EVs and key parts such as battery packs, motors, and vehicle frames.
In Fiscal 2023, OLA Electric achieved the highest revenue among all Indian electric two-wheeler (E2Ws) original equipment manufacturers (OEMs) from E2W sales. Remarkably, within nine months of launching its first EV scooter in December 2021, OLA Electric became the top-selling E2W brand in India, as reflected in the monthly E2W registrations on the VAHAN Portal of the Ministry of Road Transport and Highways.
As of 31 March 2024, OLA Electric runs a comprehensive direct-to-customer (D2C) omnichannel distribution network. This includes 870 experience centers and 431 service centers (with 429 service centers located within the experience centers) spread across India, complemented by the Ola Electric website.
The Objectives of the Issue
- Capital expenditure to be incurred by its Subsidiary, OCT for expansion of the capacity of its cell manufacturing plant from 5GWh to 6.4 GWh, classified as phase 2 under the expansion plan(the “Project”);
- Repayment or pre-payment, in full or part, of the indebtedness incurred by its Subsidiary, OET;
- Investment into research and product development;
- Expenditure to be incurred for organic growth initiatives; and
- General corporate purposes.
OLA Electric IPO Timetable
IPO Opening date | 02 August 2024 |
IPO Closing | 06 August 2024 |
Basis of Allotment | 07 August 2024 |
Initiation Refund | 08 August 2024 |
Credit to Demat Account | 08 August 2024 |
Listing Date | 09 August 2024 |
OLA Electric IPO details
Issue type | Book Built Issue IPO |
IPO issue size | ₹6,145.56 Cr – 808,626,207 shares |
Fresh Issue | ₹5,500.00 Cr – 723,684,210 shares |
Offer for sale | ₹645.56 Cr – 84,941,997 shares |
Face value | ₹10 per share |
Price Band | ₹72 to ₹76 per share |
Lot size | 195 Shares |
Employee Discount | ₹07 per share |
Shareholding pre-issue | 3,687,072,258 |
Shareholding post-issue | 4,410,756,468 |
Listing Exchange | BSE & NSE |
OLA Electric IPO Lot Size
Application | Lots | Shares | Amount |
---|---|---|---|
Retail (Min) | 1 | 195 | ₹14,820 |
Retail (Max) | 13 | 2535 | ₹192,660 |
S-HNI (Min) | 14 | 2,730 | ₹207,480 |
S-HNI (Max) | 67 | 13,065 | ₹992,940 |
B-HNI (Min) | 68 | 13,260 | ₹1,007,760 |
OLA Electric Offer Documents
OLA Electric IPO Reservation Details
OLA Electric IPO offers 808,699,625 shares. 242,370,750 (29.97%) to QIB, 121,185,387 (14.99%) to NII, 80,790,252 (9.99%) to RII, 797,101 (0.10%) to employees and 363,556,135 (44.96%) to Anchor investors. 414,308 RIIs will receive minimum 195 shares and 14,796 (sNII) and 29,593 (bNII) will receive minimum 2,730 shares. (in case of oversubscription)
Investor Category | Shares Offered | Maximum Allottees |
---|---|---|
Anchor Investor Shares Offered | 363,556,135 (44.96%) | NA |
QIB Shares Offered | 242,370,750 (29.97%) | NA |
NII (HNI) Shares Offered | 121,185,387 (14.99%) | |
bNII > ₹10L | 80,790,252 (9.99%) | 29,593 |
sNII < ₹10L | 40,395,135 (5.00%) | 14,796 |
Retail Shares Offered | 80,790,252 (9.99%) | 414,308 |
Employee Shares Offered | 797,101 (0.10%) | NA |
Total Shares Offered | 808,699,625 (100%) |
OLA Electric Offer Financial Performance
FY 2022 | FY 2023 | FY 2024 | |
Revenue | 373.42 | 2,630.93 | 5,009.83 |
Expenses | 1,173.81 | 3,883.38 | 6,277.41 |
Net income | (784.15) | (1,472.08) | (1,584.4) |
Margin (%) | (209.99) | (55.95) | (31.63) |
OLA Electric Valuations & Margins
FY 2022 | FY 2023 | FY 2024 (Pre-Issue) | FY 2024 (Post-Issue)* | |
EPS | (2.13) | (3.99) | (4.30) | (3.59) |
PE Ratio | – | – | NA | NA |
* Calculated on the basis of annualized Profits After Tax for FY 2024
FY 2022 | FY 2023 | FY 2024 | |
RONW (%) | (21.42) | (62.47) | (78.46) |
NAV | 9.93 | 6.39 | 5.48 |
EBITDA (%) | (157.27) | (43.02) | (19.84) |
Debt/Equity | (0.10) | 0.72 | 2.01 |
Company Promoters
- Bhavish Aggarwal
Promoter Holding
Pre Issue Share Holding | 85.77% |
Post Issue Share Holding |
OLA Electric Offer GMP Update
Date | Day-wise IPO GMP | Kostak | Subject to Sauda |
7 August 2024 | – | – | – |
6 August 2024 | 5 | – | 400 |
5 August 2024 | 9 | – | 900 |
3 August 2024 | 11 | – | 1,000 |
2 August 2024 | 15 | – | 800 |
1 August 2024 | 16 | – | 600 |
31 July 2024 | 15 | – | 700 |
30 July 2024 | 15 | – | 700 |
29 July 2024 | 65 | – | 1,200 |
27 July 2024 | 22 | – | 1,200 |
26 July 2024 | 25 | – | 1,200 |
25 July 2024 | 25 | – | 1,200 |
OLA Electric – Comparison With Listed Peers
Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
OLA Electric | NA | (4.30) | (78.46) | 5.48 | 5,009.83 |
TVS Motors | 68.99 | 35.50 | 23.68 | 158.10 | 39,144.74 |
Eicher Motors | 33.58 | 145.92 | 22.17 | 659.06 | 16,535.78 |
Bajaj Auto | 34.02 | 272.70 | 26.61 | 1,037.41 | 44,870.43 |
Hero MotoCorp | 28.89 | 187.04 | 20.98 | 892.08 | 37,788.62 |
OLA Electric IPO Subscription Update
Category | Subscription (times) |
---|---|
QIB | 5.53 |
NII | 2.51 |
bNII (bids above ₹10L) | 2.75 |
sNII (bids below ₹10L) | 2.03 |
Retail | 4.05 |
Employee | 12.38 |
Total | 4.45 |
OLA Electric IPO Allotment Status
OLA Electric IPO allotment status is now available on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Listing Details
Listing Date | 09 August 2024 |
BSE Scrip Code | 544225 |
NSE Symbol | OLAELEC |
ISIN | INE0LXG01040 |
Final Issue Price | ₹76 per share |
Listing Day Update
Listing Exchange | BSE | NSE |
Final Issue Price | ₹76.00 | ₹76.00 |
Open | ₹75.99 | ₹76.00 |
Low | ₹75.99 | ₹76.00 |
High | ₹91.18 | ₹91.20 |
Last Trade | ₹91.18 | ₹91.20 |
OLA Electric IPO Lead Manager(s)
- Kotak Mahindra Capital Company Limited
- BofA Securities India Limited
- Axis Capital Limited
- SBI Capital Markets Limited
- Citigroup Global Markets India Private Limited
- Goldman Sachs (India) Securities Private Limited
- ICICI Securities Limited
- Bob Capital Markets Limited
OLA Electric Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park L.B.S. Marg,
Vikhroli West, Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: olaelectric.ipo@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
OLA ELECTRIC MOBILITY LIMITED
Hosur Road, Municipal Ward No.67,
Wing C Star Tech, Municipal No. 140,
Industrial Layout Koramangala, Bengaluru – 560 095
Phone: +91 80 3544 0050
Email: ipo@olaelectric.com
Website: www.olaelectric.com
OLA Electric IPO FAQs
How many shares in OLA Electric IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply for an OLA Electric Public Offer?
The best way to apply for OLA Electric’s public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is OLA Electric IPO GMP today?
OLA Electric IPO GMP today is ₹ NA per share.
What is OLA Electric kostak rate today?
OLA Electric kostak rate today is ₹ NA per application.
What is OLA Electric Subject to Sauda rate today?
OLA Electric Subject to Sauda rate today is ₹ NA per application.
Final thoughts
OLA Electric IPO is going to hit Dalal Street soon. applying for an IPO is purely a personal choice. Study the company well and subscribe if you feel good about it. I hope this post will give you enough details to research the company fundamentally. learn well and make wise decisions.
Happy Investing