EV startup Ola Electric will offer shares in the price range of Rs 72-76 in its stock market offering set to open on Friday August 2. Certain eligible employees can avail of a Rs 7 per share discount in the IPO bidding. The company’s IPO will close on August 6.
The EV mobility startup is likely to raise over Rs 6,145.6 crore calculated at the upper price band. The IPO includes a fresh issue of shares worth nearly Rs 5,500 crore along with an offer-for-sale (FS) of 8.49 crore shares worth Rs 645.6 crore.
The anchor bidding is schedules to start on August 1. The IPO’s bid lot is 195 shares with 75% allocation for qualified institutional buyers 9QIBs), 15% for non-institutional investors (NII), and 10% for retail.
Fidelity, Nomura, Norges Bank, and several Indian mutual funds could be seen bidding in the IPO. Additionally, the IPO proceeds will be deployed in funding capital expenses, and research & development.
