New Delhi:
Ola Electric is gearing up for its initial public offering (IPO), which is set to be one of the biggest of the year.
The company has announced that the price range for the IPO will be between Rs 72 and Rs 76 per share.
Soft Bank is among the investors backing Ola Electric.
Investor Interest and Grey Market Performance
Big investors, including Fidelity, Nomura, and Norges Bank, are expected to participate in the IPO.
The company aims to raise $660 million by issuing new shares, and founder Bhavesh Aggarwal will reduce his stake by approximately $80 million.
The IPO is performing well in the grey market, where it is currently trading at a premium of Rs 15 per share, up from a premium of Rs 14 on July 27.
Additionally, 10 percent of the IPO shares are reserved for retail investors.
Employee Discounts and IPO Size
According to an advertisement published in the Financial Express, Ola Electric is offering its employees a discount of Rs 7 per share.
This IPO marks the first time an Indian electric vehicle manufacturer is going public, with a potential size of $740 million.
IPO Timeline and Major Investors
The IPO will be open to retail investors from August 2 to August 6.
Anchor investors, including major names like Fidelity, Nomura, and Norges Bank, can participate on August 1.
Ola Electric aims to raise $660 million from new shares, while the company’s founder, Bhavesh Aggarwal,
plans to sell shares worth about $80 million.
Retail Investor Allocation and Gray Market Performance
The IPO will allocate 10 percent of shares to retail investors.
In the gray market, the IPO is currently trading at a premium of Rs 15, up from Rs 14 on July 27,
indicating a positive outlook.
