Hyundai Motor Company’s 108.8 million equity shares or 2.95 per cent stake in Ola Electric is now valued at $99 million after the initial public offering (IPO) went live on August 2, 2024. The value has been calculated at the highest price band of ₹76 per share. Ola Electric Mobility Limited is backed by Hyundai Motor Company, which acquired a stake in the electric two-wheeler maker in 2019. The EV player opened its IPO on August 2 for a valuation of $734 million ( ₹6,145.56 crore).

Ola Electric IPO: 35% Subscriptions on first day

Ola Electric’s shares have been set in a price range of ₹72 to ₹76 per equity share, each with a face value of ₹10. The IPO will close on August 6, 2024. According to the data shared by BSE, Ola Electric’s initial public offer received a 35 per cent subscription on the first day of bidding.

The quota for retail investors received 1.57 times the subscription. Meanwhile, the non-institutional investors part was subscribed up to 20 per cent. The employee portion was booked 4.88 times. That said, the Qualified Institutional Buyers (QIBs) portion is yet to be booked. The initial share sale received bids for 16,34,52,510 shares against the 46,51,59,451 shares on offer.

Ola Electric is offering a mix of new shares worth up to $657 million ( ₹5,500 crore) and an offer-for-sale (OFS) of 8.49 crore shares by promoters and investors. The OFS will raise about $77 million ( ₹645.56 crore) for the company.

The Ola Electric IPO has 75 per cent of its shares reserved for institutional buyers, followed by 15 per cent for non-institutional investors, and 10 per cent for retail investors.