August 9, 2024
New Delhi, India
Ola Electric IPO LIsting
Ola Electric made a tepid debut on the Indian stock market today, with its shares listing flat on the NSE and BSE. The stock was listed at ₹76 apiece on the NSE, matching the issue price, while it was listed at a slight discount of 0.01% on the BSE, at ₹75.99 per share.
Key Highlights:
- Listing Details:
- Ola Electric shares debuted at ₹76 apiece on the NSE, flat against the issue price.
- On the BSE, the shares were listed at ₹75.99, a slight 0.01% discount.
- IPO Performance:
- The muted listing was in line with expectations, as the grey market premium (GMP) for Ola Electric IPO was negative ahead of the listing.
- According to market experts, the GMP was at -4%, indicating weak investor sentiment.
- IPO Overview:
- Ola Electric IPO was open for public subscription from August 2 to August 6, with the allotment fixed on August 7, and the listing date set for August 9.
- The IPO price band was set at ₹72 to ₹76 per share.
- The company raised ₹6,145.56 crore through the IPO, comprising a fresh issue of 72.37 crore equity shares worth ₹5,500 crore and an offer for sale (OFS) of 8.49 crore shares amounting to ₹645.56 crore.
- Subscription Response:
- The IPO received a lukewarm response from investors, with an overall subscription of 4.27 times.
- The retail individual investors (RIIs) category was subscribed 3.92 times, the non-institutional investors (NII) category was subscribed 2.40 times, and the qualified institutional buyers (QIBs) portion received 5.31 times subscription.
- Financial Performance:
- Ola Electric’s revenue grew significantly from ₹456.2 crore in FY22 to ₹5,243.2 crore in FY24.
- However, the company’s net loss also widened during the same period, increasing from ₹784.14 crore to ₹1,584.4 crore.
Ola Electric’s muted debut on the stock market reflects the cautious sentiment among investors. Despite the company’s impressive revenue growth, concerns over widening losses and subdued market conditions contributed to the flat listing. Investors will now be closely monitoring the stock’s performance in the coming days as the market digests the company’s financials and growth prospects.
Disclaimer:
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