Ola Electric IPO: Share Allotment Likely To Be Fixed Today; GMP Turns Negative; Check Allotment Status

The awaited initial public offering (IPO) of Ola Electric Mobility Ltd has concluded. Investors now await the finalization of the IPO allotment, expected today. The IPO, which opened for subscription on August 2 and closed on August 6, has garnered significant attention in the market, reflecting strong investor interest in the electric vehicle (EV) sector.

The Ola Electric IPO allotment date is set for August 7, with the company likely to fix the basis of allotment today. Successful bidders can expect the shares to be credited into their demat accounts by August 8. For those whose bids were unsuccessful, the refund of the application money is also expected to be processed on August 8. The much-anticipated IPO listing date is slated for August 9, when Ola Electric shares will commence trading on both the BSE and NSE.

Investors eager to check their allotment status can do so online via the BSE website or the official portal of the IPO registrar, Link Intime India Private Ltd. Here are the steps to check the Ola Electric IPO allotment status on Link Intime:

Visit Link Intime India's website: Link Intime IPO Allotment
Select 'Ola Electric Mobility Limited' from the dropdown menu.
Choose one of the following options: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Enter the relevant details based on the selected option.
Click 'Submit' to view your allotment status on the screen.

As of today, the grey market premium (GMP) for Ola Electric IPO indicates a discounted price. On Wednesday, the GMP was negative at Rs 3 per share. This suggests that Ola Electric shares are trading at a discount of Rs 3 in the grey market, translating to an estimated listing price of Rs 73 per share, a 4% discount to the IPO price of Rs 76 per share.

The Ola Electric IPO, valued at Rs 6,145.56 crore, saw robust demand across all investor categories. The IPO was subscribed 4.45 times in total, with bids for 198.17 crore equity shares against the 44.5 crore shares on offer. The retail category subscribed 4.05 times, Qualified Institutional Bidders (QIB) booked 5.53 times, and Non-Institutional Investors (NII) subscribed 2.51 times.

Ola Electric's IPO price band was set between Rs 72 to Rs 76 per share. At the upper end of this range, the company raised Rs 6,145.56 crore through a combination of a fresh issue of 72.37 crore equity shares worth Rs 5,500 crore and an offer-for-sale (OFS) of 8.49 crore shares worth Rs 645.56 crore.

The book-running lead managers for the IPO include Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BoB Capital Markets. The IPO registrar is Link Intime India Private Ltd.

Ola Electric is a key player in India's EV market. The company is focused on building vertically integrated technology and manufacturing capabilities for electric vehicles and their components, including cells. The Ola Futurefactory, a state-of-the-art facility, manufactures EVs and core components such as battery packs, motors, and vehicle frames. This vertical integration positions Ola Electric uniquely in the market, allowing it to control costs, ensure quality, and innovate rapidly.

Despite the current negative GMP, the future prospects for Ola Electric remain promising. The company is at the forefront of the EV revolution in India, a sector expected to see growth driven by increasing environmental awareness, favourable government policies, and technological advancements. Ola Electric's strong IPO subscription numbers indicate that investors are optimistic about the company's potential to capture a share of the EV market.

The upcoming listing on August 9 will be crucial for Ola Electric, potentially setting the stage for further growth and expansion. Investors and market watchers will be observing the stock's performance on its debut day and beyond.