Oversubscription of IPO by Ola Electric Mobility at a rate of 4.26 times
In an exciting turn of events, the Initial Public Offering (IPO) of Ola Electric Mobility has concluded, marking a significant milestone for the electric vehicle industry in India. The IPO, which opened on August 2 and closed today, saw robust participation from investors, with the offering being subscribed a total of 4.26 times.
The strong investor interest was evident across all categories. Qualified Institutional Buyers (QIBs) demonstrated their confidence in the company by subscribing 5.31 times to the IPO, indicating a positive outlook for Ola Electric Mobility's future. The Employee Portion of the IPO was subscribed an impressive 11.66 times, reflecting the enthusiasm of the company's employees.
The Retail Portion of the IPO was subscribed 3.85 times, showing strong interest among individual investors. Non-Institutional Investors also participated, subscribing 2.39 times to the IPO.
The price band for the IPO was set at Rs 72 to Rs 76 per share. Notably, Japanese investment giant SoftBank, a significant stakeholder in Ola Electric Mobility, reduced its holding to 15.7% in the IPO.
The total bids received for the Ola Electric Mobility IPO were 198.17 crore shares, exceeding the offer of 46.51 crore shares by a substantial 312.66 crore shares. This overwhelming response underscores the growing interest in electric mobility solutions and Ola Electric Mobility's potential to lead the charge in this sector.
However, no new information about the current status of the Ola Electric Mobility shares or the company's future plans was provided in this announcement. As we await further updates, the successful conclusion of the IPO serves as a testament to the faith investors have in Ola Electric Mobility and the electric vehicle industry as a whole.
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