Subscription of Ola Electric IPO, considered to be the biggest Initial Public Offer (IPO) of the year, is going to open for the general public from August 2, 2024. There is good enthusiasm in the industry about this Rs 6145.96 crore IPO. Ola Electric has also disclosed the price band of the IPO. The company’s price band has been kept between Rs 72 to Rs 76 per share.
Ola Electric IPO: Subscription date
The anchor book of SoftBank-backed Ola Electric’s IPO will open on August 1. Shares worth about Rs 600 crore will be made available in it. Applications for shares worth Rs 5500 crore will start from August 2. This is the first IPO by an Indian electric vehicle manufacturer. SEBI had approved Ola Electric to bring IPO only last month. The subscription of the IPO will remain open till August 6 and its listing can happen on August 9. 10 percent of it will be reserved for retail investors.
GMP of IPO running between Rs 12 to Rs 20
According to various websites covering the gray market, the GMP of Ola Electric IPO is currently running between Rs 12 to Rs 20. Through the IPO, the company’s CEO Bhavish Aggarwal will sell 3.8 crore shares. With the money from the IPO, the company will expand its manufacturing plant. Apart from this, Rs 1600 crore will be spent on research and product development and Rs 800 crore will be spent on repaying the loan. The company also wants to bring its motorcycle to the market soon. The company is going to introduce Cruiser, Adventure, Roadster and Diamond head electric bikes in the market.
