Ola Electric Mobility was incorporated on February 3, 2017. The company is a pure electric vehicles (EV) player in India and is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. It manufactures EVs and certain core EV components like battery packs, motors, and vehicle frames at the Ola Futurefactory.
| Bidding Dates |
|---|
| 02 Aug 2024 - 06 Aug 2024 |
| Subscription |
|---|
| 4.27x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,040 | 1 | 13 | 195 | 808.6 M | ₹72 - ₹76 | 36.78 % | ₹58221.1 M - ₹61455.6 M | RHP DOC |
Ola Electric IPO SUBSCRIPTION STATUS
06 Aug '24Ola Electric IPO overall subscription rate was 4.27 times the total available shares
Ola Electric IPO retail subscription rate was 3.92 times in the retail segment
Ola Electric IPO non-institutional investor subscription rate was 2.4 times in the non-institutional investor category
Ola Electric IPO Qualified Institutional Bidder subscription rate was 5.31 times the available shares for Qualified Institutional Bidder
Ola Electric IPO Employees subscription rate was 11.99 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - |
06 Aug 2024 (Day 3) | 3.92x | 2.4x | 5.31x | 11.99x |
05 Aug 2024 (Day 2) | 2.87x | 1.11x | 0.4x | 8.97x |
02 Aug 2024 (Day 1) | 1.57x | 0.2x | 0x | 4.88x |
Ola Electric FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | -15,844.0 | 50,098.3 | -6,330.9 | -15,709.5 | -19.8% |
| FY23 | -14,720.8 | 26,309.3 | -15,072.7 | -19,468.5 | -43.0% |
| FY22 | -7,841.5 | 3,734.2 | -8,849.5 | -16,618.1 | -157.3% |
Ola Electric IPO SUBSCRIPTION STATUS DETAILS
Ola Electric had 808.6 M shares on offer
Ola Electric IPO offer price was in the range ₹72 - ₹76
Ola Electric IPO minimum Investment was ₹14040
Ola Electric IPO issue size was ₹ 58221.1 M - ₹ 61455.6 M
Ola Electric had a minimum lot size of 195 Shares per application
Ola Electric NUMBER OF SHARES ON OFFER
Ola Electric IPO IMPORTANT DATES
| Issue Open Date | 02 Aug 2024 |
| Issue close Date | 06 Aug 2024 |
| Allotment Date | 07 Aug 2024 |
| Refund Date | 08 Aug 2024 |
| Demat Account Credit Date | 08 Aug 2024 |
| Listing Date | 09 Aug 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Ola Electric Allotment Status | Exchange |
Ola Electric IPO subscription opened on 02 Aug 2024, and closed on 06 Aug 2024
IPO allotment for Ola Electric was finalized on Wednesday, 07 Aug 2024
IPO listing for Ola Electric was on NSE and BSE on Friday, 09 Aug 2024
Ola Electric IPO LISTING GAINS
| Issue Price (adjusted) | 76.0 |
| Listing Open Price | 76.0 |
| Listing Close Price | 91.2 |
| Listing Gain% | 0.0% |
| Current Gain% | -46.0% |
Ola Electric Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ola Electric Mobility Ltd. | 41.1 | 18115 | -10.9 | -0.4 | 10.1 | -54.7 | -23.5 | 2460 | -50.1 | -1833 | 19.5 | -3.8 | 26.1 |
| Bajaj Auto Ltd. | 11662 | 325950.3 | 27.7 | 0.5 | 4.6 | 27.7 | 13.9 | 65087.2 | 24 | 10744.2 | 46.7 | 420.7 | 54.9 |
| Eicher Motors Ltd. | 8020 | 220162.6 | 38.1 | 2 | 8.8 | 22 | 17.1 | 24894.1 | 23.4 | 5515.2 | 16.5 | 210.3 | 19.3 |
| TVS Motor Company Ltd. | 4440.9 | 210981.4 | 61.6 | 1.4 | 3.5 | 31.6 | 5.3 | 56091.5 | 27 | 3018.3 | 35 | 72.1 | 43.7 |
| Hero MotoCorp Ltd. | 5725 | 114580.8 | 21 | 2.6 | 2.3 | 26.6 | 17.2 | 48469.4 | 15.5 | 5741.7 | 31.1 | 272.2 | 8.2 |
| Ather Energy Ltd. | 1481.5 | 58444.2 | -149.9 | -2.9 | 13.8 | -20.1 | -11 | 3823.1 | 65.8 | -517.2 | 36.3 | -9.9 | 51.7 |
Ola Electric INFORMATION ON IPO ISSUE
About Ola Electric
Ola Electric Mobility was incorporated on February 3, 2017. The company is a pure electric vehicles (EV) player in India and is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. It manufactures EVs and certain core EV components like battery packs, motors, and vehicle frames at the Ola Futurefactory.
Object of the Issue
- Capital expenditure to be incurred by the subsidiary, OCT for expansion of the capacity of the cell manufacturing plant from 5 GWh to 6.4 GWh, classified as phase 2 under the expansion plan
- Repayment or pre-payment, in full or part, of the indebtedness incurred by the subsidiary, OET
- Investment in research and product development
- Expenditure to be incurred for organic growth initiatives
- General corporate purposes
Ola Electric - PROMOTERS
| Name |
|---|
| Bhavish Aggarwal |
Ola Electric Book running lead manager
Kotak Mahindra Capital Company Limited
olaelectric.ipo@kotak.com
Citigroup Global Markets India Private Limited
olaelectricipo@citi.com
BofA Securities India Limited
dg.ola_electric_ipo@bofa.com
Goldman Sachs (India) Securities Private Limited
olaevipo@gs.com
Axis Capital Limited
olaelectric.ipo@axiscap.in
ICICI Securities Limited
olaelectricipo@icicisecurities.com
SBI Capital Markets Limited
olaelectric.ipo@sbicaps.com
BOB Capital Markets Limited
olaelectric.ipo@bobcaps.in
Ola Electric Registrar to the Offer
Link Intime India Private Limited
olaelectric.ipo@linkintime.co.in
Ola Electric Strengths
Leadership position
E2W penetration in India is expected to expand from approximately 4.5% of domestic 2W registration sales reported on the VAHAN portal in FY23 to 41-56% of the domestic 2W sales volume by FY28, according to the Redseer Report. The company's exclusive and singular focus on EV enables to leverage this transition in the growing Indian 2W market
In-house R&D
The company's in-house capabilities to develop EV technologies are driven by its focus on R&D. It undertakes R&D activities in India, the UK, and the US, focused on designing and developing new EV products and core EV components, such as battery packs, motors, and vehicle frames
Manufacturing at scale
The Ola Futurefactory is the largest integrated and automated E2W manufacturing plant in India (in terms of production capacity) by an E2W-only OEM
Ola Electric Risks
Limited models
The company currently derives its revenue solely from the sale of limited electric vehicle scooter models. Its business could be adversely impacted If the electric vehicle scooters are not well-received by the market
Pending litigations
There are pending litigations against the company, its promoter, subsidiaries, and certain directors. Any adverse decision in such proceedings may render us/them liable to liabilities/penalties and may adversely affect its business, cash flows, and reputation
Limited operating history
The company has a limited operating history and has incurred losses and negative cash flows from operations. It may continue to incur operating losses in the near term as it invests in the business and expands its product portfolio, builds capacity, and scales operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 645.6 crore, of 84,941,997 shares. It also consists of a fresh issue of Rs 5,500.0 crore.
The promoter of the company is Bhavish Aggarwal.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 72.0 - 76.0.
The IPO application opens on Aug 02, 2024 and closes on Aug 06, 2024.
The minimum lot size for the IPO is 195. The maximum lot size for the IPO is 2535.
For all category investors, the minimum application amount for this IPO is Rs. 14,040.0, the maximum value for this IPO is Rs 192,660.0.
This IPO will be allotted on Aug 07, 2024.
The refund will be credited to your account on Aug 08, 2024.
The allotted shares will be credited to your demat on Aug 08, 2024.
Ola Electric Mobility Ltd.’s shares listed on the stock exchanges on Aug 09, 2024.