Ola Electric IPO Achieves Full Subscription on Second Day, Retail Portion Overbooked by 2.87 Times

Ola Electric, led by Bhavish Aggarwal, has seen its initial public offering (IPO) of Rs 6,145 crore fully subscribed by the second day of the share sale, August 5. The retail portion of the IPO was subscribed 3 times over, while the employee portion was oversubscribed by a notable 9 times. This IPO, the largest in India this year and the first by an electric vehicle maker in the country, received bids for approximately 490.6 million shares, surpassing the 465.2 million shares available.

On the second day, bids from qualified institutional buyers (QIBs) covered about 0.40 times of their allotted portion. Non-institutional investors also showed strong interest, with their portion fully subscribed and exceeding the total bids by 1.11 times. The employee category led the way, with their shares subscribed approximately 8.98 times, while the retail portion was subscribed 2.87 times.

The Ola Electric IPO, which includes 8.82 crore shares, will close for subscription on Tuesday, August 6.

Founded in 2017, Ola Electric Mobility Limited has rapidly established itself as a significant player in the electric vehicle (EV) sector. The company is known for its production of electric vehicles and key components like battery packs, motors, and vehicle frames at its advanced Ola Future factory.