Ola Electric IPO: Grey market discount, allotment status, listing date & more

Ola Electric Mobility is scheduled to finalize the basis of allotment of its shares on Wednesday, August 07. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Thursday, August 08. The IPO of electric two-wheeler maker had received a lacklustre response from the investors amid the rising volatility.
 

The IPO of Ola Electric Mobility was open for bidding between August 2 and August 6. The company had offered its shares in the fixed price band of Rs 72-76 per share with a lot size of 195 shares. The company raised a total of Rs 6,145.56 crore from its IPO, which was entirely a fresh share sale of up to Rs 5,500 crore and an offer-for-sale (OFS) up to 8,49,41,997 shares.
 

The issue was overall subscribed a total of 4.27 times only. The quota for qualified institutional bidders (QIBs) was booked 5.31 times. The quota for non-institutional investors was subscribed only 2.40 times. The portions reserved for retail investors and employees saw bidding for 3.92 times and 11.99 times during the three-day bidding process.
 

Grey market premium (GMP) of Ola Electric Mobility has crashed sharply amid the jittered market sentiments and muted response from the investors. Last heard, the company was trading at a discount of Rs 4 per share, suggesting negative a listing for the investors later this week. However, it commanding a premium of Rs 15-17 when the issue was announced last week.
 

Bengaluru-based Ola Electric Mobility was founded in 2017 and the company is a pure-play electric vehicle player that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Futurefactory.
 

Brokerage firms have mixed views on the IPO. Some analysts are positive on the company's leadership in the E2W market, focus on EV space, government push and rising culture of EVs. However, they see loss -making nature of the business and rich valuations are the biggest concerns for the issue.
 

BofA Securities India, Axis Capital, Kotak Mahindra Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities and BOB Capital Markets are the lead managers of the IPO, while Link Intime India is the registrar for the issue. Shares of the company will be listed on both BSE and NSE likely on August 9, Friday.
 

Investors, who had bid for the issue of Ola Electric Mobility, can check the allotment status on the Bombay Stock Exchange (BSE) website:
 

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Ola Electric Mobility Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button
 

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
 

1) Go to the web portal of Link Intime Limited

2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.