EV maker Ola Electric IPO fully subscribed on Day 2, retail portion booked 2.87 times

Bengaluru-based EV maker Ola Electric's initial public offering (IPO) saw a significant response from investors.

By the end of the second day of bidding, the IPO was fully subscribed. The offering, worth Rs 6,146 crore, garnered bids for 490.6 million shares against the 465.2 million shares available. This marked the first IPO by an electric vehicle maker in India and the largest IPO in the country this year.

Detailed subscription breakdown

The employee portion of the IPO saw the highest interest, being subscribed 8.98 times. The retail portion followed closely, with a subscription rate of 2.87 times.

Non-institutional investors also showed robust participation, subscribing 1.11 times of the total available shares. Qualified institutional buyers (QIBs), however, showed a more modest interest with the portion getting subscribed about 0.40 times.

IPO price band

The IPO opened on August 2 and is set to close on August 6. The price band for the shares has been set between Rs 72 and Rs 76 per equity share with a face value of Rs 10.

On the first day of bidding, the IPO saw a subscription rate of 35%. Major investors provided Rs 2,763 crore before the IPO subscription began.

Founded in 2017, Ola Electric has quickly become a key player in the electric vehicle (EV) industry. The company specializes in manufacturing electric vehicles and essential components at its state-of-the-art Ola Futurefactory.

Since its inception, Ola Electric has expanded its product range significantly. The company launched its first electric vehicle model, the Ola S1 Pro, in December 2021 and has since introduced several other models, including the Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+.