Bengaluru: Ola Electric Mobility Ltd, saw its shares rise by 20% as they made their debut on Friday. In fact, the scrip touched its upper price limit of Rs 91.20 on the National Stock Exchange (NSE) and Rs 91.18 on Bombay Stock Exchange, at which it closed.
Its market capitalisation at the closing price was Rs 40,217.95 crore on BSE and Rs 40,226.77 on NSE. On day one of trading, 5,245.21 lakh shares were traded on NSE and 475.83 lakh shares on BSE, yielding a total turnover of 4,821.91 crore between the two bourses.
While the scrip started the day at the issue price Rs 76 on NSE, on BSE it got off to a 0.01% discounted start at Rs 75.99.
In the four days since the Rs 6,145-crore initial public offer (IPO) went live from August 2, it was oversubscribed 4.27 times, receiving bids for 1,98,79,03,905 shares, as against 46,51,59,451 shares on offer, as per NSE data. The quota for Qualified Institutional Buyers (QIBs) was oversubscribed 5.31 times subscription, while the Retail Individual Investors (RIIs) subscription was 3.92 times and that for non-institutional investors garnered 2.40 times subscription.
The Initial Public Offering (IPO) has a fresh issue of up to Rs 5,500 crore and an Offer for Sale (OFS) of up to 8,49,41,997 equity shares. The price band for the offer is Rs 72-76 a share.
Out of the expected proceeds, Rs 1,227 crore will be used for the expansion of the Ola Gigafactory capacity, Rs 800 crore for loan repayment, Rs 1,600 crore for R&D, and Rs 350 crore for organic growth initiatives. Of the total proposed capex on Gigafactory, the company is planning to spend Rs 859.3 crore in the current fiscal year and Rs 368.34 crore in FY26. It is aiming to expand the Gigafactory to 6.4 GWh capacity by the end of this fiscal.
Published 09 August 2024, 23:43 IST