The wait is over for investors in Ola Electric’s initial public offering (IPO). After the subscription window closed on August 6th, the company is expected to finalize the allotment process today, August 7th. This means investors will soon learn if their bids for Ola Electric shares were successful.
The IPO garnered strong interest, receiving bids for over 4 times the number of shares offered. Retail investors showed healthy participation, subscribing their portion 4 times over. However, the grey market premium (GMP) for Ola Electric shares currently sits at a negative ₹3, indicating a potential discount when the stock starts trading. This suggests that at least some investors anticipate the listing price to be lower than the IPO price of ₹76 per share.
Here’s a quick rundown of the key dates:
- IPO Open: August 2nd
- IPO Close: August 6th
- Allotment Date: August 7th (Today)
- Listing Date: August 9th
Demat Account Credit and Refunds:
- Successful applicants will have their shares credited to their Demat accounts by August 8th.
- Unsuccessful applicants will receive a refund for their application money on the same day (August 8th).
Checking Allotment Status:
Investors can check their allotment status online through either the official Bombay Stock Exchange (BSE) website or the Link Intime India portal (the IPO registrar).
Discounted Listing Price Possible:
The grey market premium (GMP) for Ola Electric shares is currently negative, indicating a potential discount at listing. Experts predict a listing price around ₹73 per share, which would be 4% lower than the IPO price of ₹76.
Strong Investor Demand:
Despite the discounted GMP, the IPO received strong investor interest, subscribed over 4 times overall. The retail investor category saw a subscription of 4.05 times, while Qualified Institutional Bidders (QIBs) subscribed 5.53 times and Non-Institutional Investors (NIIs) subscribed 2.51 times.
IPO Details:
- Issue size: ₹6,145.56 crore
- Price band: ₹72 – ₹76 per share
- Listing: BSE & NSE
About Ola Electric:
Ola Electric is a leading player in India’s electric vehicle (EV) space. They focus on building a vertically integrated ecosystem for EVs, encompassing technology development, manufacturing capabilities, and even battery cell production. Their manufacturing facility, the Ola Futurefactory, produces both electric vehicles and core EV components.
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