Bengaluru based unicorn EV maker Ola Electric’s recent IPO launch session was quite successful and got appreciations and good responses from investors.

Before the second day of the IPO ends, it got fully subscribed. The offering of the IPO was valued at 6,146 crore, attracted bids for 490.6 million shares, surpassing the 465.2 million shares available. This was India's first IPO by an electric vehicle manufacturer and the largest IPO in the country for the year.

The employee portion of the IPO witnessed the highest interest and earned subscription by 8.98 times, while, the retail portion got subscription rate of 2.87 times. Currently BSE informed the overall subscription rate was 1.06 times.

Few of the investors in the anchor category were SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Government of Singapore and Abu Dhabi Investment Authority.  

The IPO, which commenced on August 2 and is scheduled to close on August 6, has priced its shares between 72 and 76 per equity share, with a face value of 10. On the initial day of bidding, the offering achieved a subscription rate of 35%, indicating strong initial interest. Additionally, significant investors had already committed 2,763 crore prior to the official start of the subscription period, reflecting substantial pre-IPO confidence in the offering.

The IPO includes an offer for sale (OFS) of 8.49 crore equity shares, valued at 645.56 crore at the upper end of the price range, from both investors and promoters. Additionally, there is a new issue of equity shares worth up to 5,500 crore. As part of the OFS, Bhavish Aggarwal, founder of Ola Electric, will sell approximately 3.8 crore shares addition to a new issue of equity shares up.

On the first day of bidding, the IPO saw a subscription rate of 35%. Major investors provided 2,763 crore before the IPO subscription began.

Founded in 2017, Ola Electric has rapidly established itself as a significant player in the electric vehicle (EV) sector. The company focuses on producing electric vehicles and crucial components at its advanced Ola Futurefactory.

Since its founding, Ola Electric has broadened its product lineup extensively. It introduced its inaugural electric vehicle model, the Ola S1 Pro, in December 2021, followed by the launch of several other models, including the Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+.