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Ola Electric IPO, launching on August 2, 2024, sets a price band of ₹72 to ₹76, valuing the company at ₹33,522 crore. As India’s first EV startup IPO, it promises significant returns for early investors and market excitement.
Remember Hrithik Roshan’s entry in Zindagi Na Milegi Dobara? The hot-shot investment banker tells Simon to “Sell Everything”! While the character’s advice was bold, director Zoya Akhtar and her actor-brother Farhan Akhtar have a different strategy in real life! Contrary to the scene’s financial panic, they are holding on to their Ola Electric shares amid the upcoming IPO. Their decision reflects a more measured approach to investment compared to what was portrayed on screen.
When Ola Electric announced its upcoming IPO, the first ever by an electric vehicle manufacturer, the market buzzed! Ready to hit Dalal Street on the 2nd of August, Friday, the company has a price band set in the range of ₹72 to ₹76, valuing it around ₹33,522 crore at the upper end. The Ola Electric IPO will close on the 6th of August, Tuesday.
As one of the most awaited Upcoming IPOs in August, Ola Electric IPO is set to open for subscription on Friday, August 2, 2024. Ola is a major player in India’s EV setting, rolling out cutting-edge tech and manufacturing for everything from EVs to their components, including batteries. Ola Electric zips ahead with nearly 35% of the electric two-wheeler market share for the financial year 2024. The company is breaking new ground as the first EV startup in India to hit the IPO stage.
Ola IPO | Details |
Subscription Period | From August 2 till August 6, 2024. |
Price band | In the range of ₹72 to ₹76 |
Fundraising target | ₹6,145.56 crores |
Lot size | 197[1] shares (a ₹14,820 investment for retail investors ) |
Allotment date | Wednesday, August 7, 2024 |
In demat accounts | Thursday, August 8 |
Refunds | Thursday, August 8 |
Listing date | Friday, August 9, 2024 |
Listing platforms | Both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) |
An unusual twist for tech IPOs these days, the Ola public issue is set lower than their average acquisition price. While this may be a bumpy ride for some, early investors like Tiger Global and Z47 (earlier called Matrix Partners) are set to hit the jackpot!
Ola founder and promoter Bhavish Aggarwal is the largest stakeholder in Ola Electric. His 36.94% stake in the company is valued at ₹10,350 crores. He plans to sell 3.79 crore of his [2] 1,361,875,240 equity shares.
Investment firm, Tiger Global has a 6% stake in Ola, bought shares at ₹11.70 and is set to score about a mammoth 549% return from the IPO. The company has a stake value of ₹1,690 crores[3] . Matrix Partners India, now called Z47, bought shares at a mere ₹8.22 each. Now, it is about to score a whopping 824% return from the Ola IPO and has made ₹879 crores.[4] With 3.43% of the company (1.26 crore shares) in their pocket, Z47 is all set to unload around 37.27 lakh shares and pocket a cool ₹28.3 crore!
Bollywood brother-sister duo Farhan and Zoya Akhtar are prominent investors in Ola Electric. Zoya owns 1,77,841 equity shares that are valued at ₹1.35 crores. While her actor-brother Farhan Akhtar has 3,55,683 shares ₹2.70 crores. They are not going to sell their Ola Electric shares in the upcoming IPO.
The sibling duo [5] along with their co-producer Ritesh Sidhwani own a total of 8.9 lakh shares in Ola Electric. It is estimated that by the end of the IPO, these shares would have a worth of around ₹6.8 crores. Their investment in the Bhavish Aggarwal-led EV company Ola, which they started in December 2021 has so far given them a whopping 26% gain.
Paytm founder Vijay Shekhar Sharma, who invested in the EV company probably at the same time as the Akhtar-duo, owns 12.45 lakh shares and plans to retain them throughout the Ola Electric IPO.
Entrepreneur Anupam Mittal, better known as Shark Tank-3 judge, recently mentioned that he was reluctant to invest in Ola and had twice rejected the opportunity in 2011. However, he soon changed his mind and invested in the ride-hailing company. He considers Ola to be his most profitable investment ever and withdrew with several hundred crores[6] .
Said to be one of the biggest IPO of 2024, Ola Electric gears up for its landmark upcoming IPO. With a subscription period running until August 6, Ola Electric's IPO stands as a groundbreaking event, marking the first EV startup in India to go public. While early investors are poised for impressive returns, several prominent figures are holding their shares steady. There are also some names like Alpine Opportunity Fund VI LP and Tekne Private Ventures XV Ltd who are likely to bear a 30% loss.[7]
All in all, Ola IPO, said to be the most prominent upcoming IPO in August promises a thrilling ride through the EV revolution!
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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