Ola Electric raises Rs 2,763 crore from anchor investors ahead of IPO

Ola Electric IPO: Ola Electric Mobility has successfully raised Rs 2,763.03 crore from anchor investors a day ahead of its initial public offering (IPO). The company disclosed that it allocated 36,35,56,135 equity shares at Rs 76 per share to anchor investors.

The anchor investors include a mix of prominent foreign and domestic institutions, such as SBI Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, UTI Mutual Fund, Mirae Asset Mutual Fund, Norges, Nomura, Fidelity, Franklin Templeton, Pictet, Sundaram Mutual Fund, HDFC Life Insurance Company, Matthews Mutual Fund, Kotak Mahindra Life Insurance Company Ltd and Jupiter Mutual Fund among others.

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In particular, 14,70,10,695 equity shares were allocated to 10 domestic mutual funds across 31 schemes, accounting for approximately Rs 1,117.28 crore, or 40.43 per cent of the total anchor book size. The allotment demonstrates strong interest and confidence in Ola Electric's growth potential from domestic institutional investors.

The IPO includes a fresh issue of up to Rs 5,500 crore and an offer for sale (OFS) of up to 84,941,997 equity shares by promoter and investor selling shareholders. The offering also includes a reservation for eligible employees. The price band for the IPO has been set at Rs 72 to Rs 76 per equity share, with the total issue size expected to reach Rs 6,145.56 crore at the upper end of the price band.

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Investors can place bids for a minimum of 197 equity shares and in multiples of 197 shares thereafter. The offering will follow a book-building process, with at least 75 per cent of the net offer allocated to Qualified Institutional Buyers (QIBs), up to 15 per cent to Non-Institutional Bidders (NIBs), and up to 10 per cent to Retail Individual Bidders (RIBs).

Ola Electric shares were in high demand among the retail investors as the portion reserved for them was booked 1.04 times within hours of opening. Retail investors placed bids for 8,83,80,435 shares as against 8,48,06,699 shares reserved for them, data from the National Stock Exchange showed.