Resurfacing Ola Electric IPO's Day 2 Full Subscription (August 2024), Retail Book at 2.87x
Resurfacing coverage from August 2024: Ola Electric's ₹6,145 Cr IPO crossed full subscription on Day 2, with retail investors bidding 2.87x their allotted shares and employees at 1.63x, even as QIB demand lagged at just 4%. The issue closed Aug 6, with listing on BSE/NSE that took place Aug 9 at a price band of ₹72-76, valuing the EV maker near $4.4 Bn.
What happened
Ola Electric's IPO was fully subscribed on Day 2, with retail portion booked 2.87x; issue closes August 6, listing expected August 9 on BSE/NSE.
Key facts
- 8.24 crore shares bid
- 7.6 crore shares offered
- 1.1x subscription
- 2.87x retail subscription
- 65% NII subscription
- 4% QIB subscription
- 1.63x employee subscription
- INR 5,500 Cr fresh issue
- 8.49 Cr shares OFS
- INR 72-76 price band
- $4.4 Bn valuation
- INR 2,763 Cr anchor investment
Why this matters
The muted QIB participation despite retail enthusiasm highlights a valuation gap risk for Ola Electric as it approaches its Aug 9 listing, worth monitoring for post-IPO price stability and comparable EV sector deals.
What to watch
- Final QIB subscription percentage at issue close (Aug 6)
- Grey market premium movement between Aug 6-9
- Retail category subscription trend on final day (does 2.87x hold or spike further)
- Any SEBI/exchange commentary on retail-heavy vs institutional-light books
- Ola Electric's Q1 FY25 EV sales/market-share data release proximity to listing
- Peer EV stock (Ather, TVS EV, Bajaj EV) price action as sentiment proxy
- Track Aug 6 (final day) QIB subscription numbers closely for any late institutional rush
- Monitor grey market premium (GMP) trends daily through close to gauge listing-day expectation
- Watch brokerage house notes (subscribe/avoid) published between Aug 5-8 for institutional sentiment cues
- Prepare desk positioning for Aug 9 listing volatility — both upside pop and downside gap scenarios
- Flag read-through risk/opportunity for upcoming EV-sector IPOs (e.g., Ather Energy) based on Ola's QIB behavior