Ola Electric IPO Sees Strong Retail Interest

Ola Electric's IPO, valued at ₹6,145.56 crore, opened for subscription on August 2, 2024, with a price band of ₹72-76 per share. The IPO includes a fresh issue of ₹5,500 crore and an offer for sale of ₹645.56 crore. Early investors in Ola Electric, including Tiger Global and Matrix Partners India, are set to see significant gains, potentially up to 10x. The IPO received strong participation from retail investors, subscribing 0.78 times on the first day, although institutional buyers have yet to place bids. The Grey Market Premium (GMP) for Ola Electric is trading between ₹12-15, indicating a potential 20% premium. Proceeds from the IPO will be used to repay debt, expand production capacity, and invest in research and development.