Ola Electric IPO Shows Steady Subscriptions on Day 2

The much-anticipated IPO from Ola Electric, led by Bhavish Aggarwal, has been gaining traction among investors as it moves into its second day. The initial public offering opened on August 2, 2024, and has now attracted a significant amount of interest.

As of now, the IPO has been subscribed 1.02 times, indicating that investors are showing enthusiasm. Notably, retail investors are leading the way, having subscribed to the offering 2.83 times. They have placed bids for 16.31 crore shares, out of the 46.51 crore shares available.

The offering features a price band set between ₹72 and ₹76 per share. Investors are excited as the company aims to raise ₹6,145 crore, which is quite a substantial amount and marks the largest IPO since the Life Insurance Corp‘s massive offering last year.

In the gray market, the share price is showing some promise, trading at a premium of ₹4.60. This could signal a positive listing for Ola Electric shares, with estimates suggesting a listing price of around ₹80.6, which is higher than the IPO price.

The IPO is composed of a fresh issue of equity shares worth ₹5,500 crore and an offer for sale of 8.49 lakh shares by existing investors and promoters. Bhavish Aggarwal, the founder, is set to sell around 3.8 crore shares as part of this offering.

Ola Electric continues to push forward in the electric vehicle market, holding a significant 35% market share for electric two-wheelers in India. The overall response to the IPO has been generally positive, sending a hopeful signal about the company’s future in the tech-driven EV industry.