Ola Electric IPO Allotment Set for Today

The highly anticipated IPO of Ola Electric Mobility Ltd has wrapped up, and investors are eager to find out about their share allotments, which are expected to be announced today, August 7, 2024.

The subscription window opened on August 2 and closed on August 6, attracting quite a buzz in the market. The allotted shares will be credited to the accounts of eligible investors by August 8, while those whose bids were unsuccessful will see their application money refunded on the same day.

To check their Ola Electric IPO allotment status online, investors can visit the Link Intime India website. They just need to select ‘Ola Electric Mobility Limited’ from the dropdown menu and enter their PAN or application details to see the results.

In the grey market, the current trend of Ola Electric’s shares shows a negative angle, with the GMP indicating a discount of ₹3 per share. This means investors might see an estimated listing price of ₹73, which is about 4% lower than the IPO price of ₹76.

The company’s IPO was a big hit, raising ₹6,145.56 crore and officially oversubscribed 4.45 times. Most interest came from qualified institutional buyers, who subscribed 5.53 times. Retail investors also showed strong interest, subscribing 4.05 times, while non-institutional investors subscribed 2.51 times.

Ola Electric’s IPO had a price band set between ₹72 to ₹76 per share and a minimum lot size of 195 shares. This means investors jumped at the chance to be part of the electric vehicle revolution.

Shares are scheduled to officially list on major stock exchanges, BSE and NSE, on August 9. The excitement continues to build as investors await the official allotment announcement.