Electric two-wheeler maker Ola Electric Mobility’s Rs 6,145 crore initial public offering (IPO) received only 35 per cent subscription on the first day of the offering on Friday. According to data available on the National Stock Exchange (NSE) till 5 pm, bids were received for 16.31 crore shares as against the 46.51 crore shares offered under this issue. This means that the issue got 35 per cent subscription on the first day.

No significant bid in the portion reserved for QIBs

According to the news, the company’s IPO got the support of most retail investors and the portion reserved for them got 1.57 times subscription. The non-institutional investors’ segment got 20 per cent subscription. However, there was no significant bid in the portion reserved for qualified institutional bidders (QIBs). The company’s IPO will be open from August 2 to August 6. The price range for the issue has been fixed at Rs 72-76 per share.

IPO total size Rs 6,145.56 crore

Under this IPO, new equity shares worth up to Rs 5,500 crore are being issued. Apart from this, the promoters and existing investors are also offering a sale (OFS) of 8.49 crore equity shares worth Rs 645.56 crore. Thus the total size of the issue is Rs 6,145.56 crore. Under the OFS, the company’s founder Bhavish Aggarwal will offer about 3.8 crore shares. Hyundai Motor Company’s 10.88 crore equity shares or 2.95 percent stake in Ola Electric Mobility is valued at $9.9 million at the upper price range of Rs 76 per share.

The book running lead managers of Ola Electric IPO are BOB Capital Markets Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, Axis Capital Limited, BofA Securities India Limited, SBI Capital Markets Limited and Kotak Mahindra Capital Company Limited. Whereas, Link Intime India Private Limited is the registrar of this issue.