The initial public offering of Ola Electric, which has emerged as the largest e-scooter maker in the country, opens for subscription opens on Friday and it will close on August 6.
The basis of allotment is scheduled for August 7 while the shares are expected to be credited on August 8. The company's shares will begin trading on August 9.
The price band of the IPO was fixed between Rs 72 and Rs 76 per equity share with a face value of Rs 10. The lot size is 195 shares and multiples of that.
The mainboard IPO hopes to raise Rs 6145.56 crore and out of this, Ola Electric will issue fresh shares worth Rs 5,500 crore. The remaining Rs 645.56 crore is reserved for the Offer for Sale (OFS) route.
Equity market analysts have revealed that the shares of the Bhavish Aggarwal-led firm are sold at a GMP of Rs 17 in the grey market. For the unversed, GMP or Grey Market Premium is an amount paid before the IPO shares are traded.
The proceeds from the fresh issue will be used to expand the capacity of its cell manufacturing plant from 5 GWh to 6.4 GWh besides research and development, debt payment and organic growth initiatives.
