Resurfacing an August 2024 Move: Ola Electric's Rs 6,145 Cr IPO Was Fully Subscribed on Day 2, Retail Portion Booked 2.87x
Recalling early August 2024: India's first public EV maker saw strong Day 2 demand ahead of its August 9 listing, with retail investors booking 2.87x their allotted portion and employees at 1.94x; anchor investors had already committed Rs 2,763 Cr.
What happened
Ola Electric's Rs 6,145 Cr IPO was fully subscribed by Day 2, with retail portion booked 2.87x; listing expected August 9, 2024, as India's first public EV
Key facts
- Rs 6,145 Cr IPO
- retail portion booked 2.87x
- employee portion 1.94x
- price band Rs 72-76
- lot size 195 shares
- Rs 5,500 Cr fresh issue
- Rs 645 Cr OFS
- Rs 2,763 Cr anchor investment
Why this matters
The rapid oversubscription underscores robust capital market appetite for India's EV sector, a signal worth tracking for potential follow-on raises, partnerships, or competitive positioning moves in the space.
What to watch
- Final subscription multiple across QIB/NII/retail categories on Day 3
- Grey market premium trend into listing day
- Listing-day price discovery vs Rs 76 issue price band
- Post-listing analyst coverage on cash burn/profitability timeline
- Any SEBI or regulatory commentary on EV subsidy policy affecting sector sentiment
- Track Day 3 QIB subscription numbers to gauge final oversubscription multiple
- Monitor grey market premium (GMP) movement through Aug 8
- Watch peer EV/auto stocks (Bajaj Auto, TVS Motor, Hero MotoCorp) for pre-listing sympathy moves
- Prepare desk positioning for Aug 9 listing-day volatility, especially in retail-heavy allocation categories