Resurfacing an August 2024 Move: Ola Electric's ₹6,145 Cr IPO Was Fully Subscribed on Day 2, Retail Portion Booked 2.87x
Looking back at Ola Electric's IPO in early August 2024, overall subscription hit 1.05x by day two, with retail investors booking 2.87x and employees 1.66x; NII led demand at 60% while QIB stood at 8%. Price band was set at ₹72-76, valuing the EV maker at $4.2 Bn ahead of its August 9, 2024 listing on BSE/NSE.
What happened
Ola Electric's ₹6,145 Cr IPO fully subscribed on day 2, with retail portion booked 2.87x; listing expected August 9, 2024 on BSE/NSE.
Key facts
- ₹6,145 Cr IPO
- 1.05x overall subscription
- 2.87x retail portion
- 1.66x employee portion
- 60% NII
- 8% QIB
- ₹72-76 price band
- $4.2 Bn valuation
Why this matters
A fully subscribed EV retail IPO at a $4.2 Bn valuation sets a fresh benchmark for sector comps and could accelerate consolidation or funding activity among EV peers ahead of the August 9 listing.
What to watch
- QIB subscription crossing 1x before close
- Grey market premium movement relative to price band ceiling (₹76)
- Any regulatory/DRHP-related disclosure on losses or promoter pledges
- BSE/NSE listing-day price discovery vs $4.2Bn valuation anchor
- Broader market risk-on/risk-off shift affecting IPO pipeline sentiment
- Track final-day QIB subscription numbers before IPO closes
- Monitor grey market premium trends daily into listing
- Watch peer EV stock reactions (Ather, Bajaj Auto EV segment) for sector sentiment spillover
- Assess anchor investor lock-in commentary for institutional confidence signal
- Prepare listing-day desk coverage for volatility given retail-heavy book