On the momentous day of Ola Electric going public, Bhavish Aggarwal, Co-founder and CEO of Ola Cabs, took a reflective stance, emphasising the collective effort behind the company’s success. “While IPO ceremonies happen frequently, this one is different because it marks not just my journey, but our collective journey,” he stated, acknowledging the contributions of the entire team and their families.
Aggarwal highlighted the importance of responsibility in this new chapter, saying, “Today isn’t about giving any message to satisfy or celebrate ourselves. Rather, it’s about taking a message away with us - a message of inspiration and responsibility.” He also paid homage to his mentor, noting, “The ‘Darja’ of Guru is unique in our Indian culture, and he has done so for more than 12 years!”
As he concluded, Aggarwal underscored the ongoing mission: “We’re inspired to double down on our dreams and mission to truly contribute towards India’s future and build the country of our dreams.” This day, he suggested, is not the final destination but a pivotal point in a much larger journey.
Ola Electric Mobility's shares made a stellar entrance on the stock exchange on Friday, surging 16 per cent above the initial public offering (IPO) allotment price, following an overwhelming response to the public issue at 10:45 am, Ola Electric stock was trading at Rs 88.5 per share on NSE, up 16.45 per cent from the Rs 76 IPO price.
The Rs 6,154 crore public offering, comprising a mix of new shares and an offer for sale from existing investors, garnered robust investor interest, with the issue being oversubscribed 4.27 times. Both institutional investors and retail investors showed keen interest, subscribing 5.31 times and 3.92 times their respective allotments on 6 August.
High net-worth individuals bid 2.4 times the shares allocated to them, while employees demonstrated strong participation, purchasing 11.99 times the reserved portion. The electric vehicle manufacturer has set aside shares worth Rs 5.5 crore for its employees, who will receive them at a discounted rate of Rs 7 per share below the final issue price.
Ola Electric, which also produces crucial EV components like battery packs, motors, and vehicle frames at its Ola Futurefactory, plans to invest Rs 1,227.64 crore to expand its cell manufacturing plant's capacity from 5 GWh to 6.4 GWh. Additionally, the company will allocate Rs 800 crore for debt repayment, Rs 1,600 crore for research and product development, and Rs 350 crore for organic growth initiatives
