Ola Electric IPO opens for subscription, check grey market premium

The initial public offer (IPO) of electric two-wheeler company Ola Electric Mobility Ltd has opened for subscription on Friday. The IPO will be closed on August 6.

The issue comprises a fresh equity sale of Rs 5,500 crore and an offer for sale (OFS) of 8.4 crore shares.

Under the OFS, founder Bhavish Aggarwal will offload 37.9 million shares in the IPO. The firm’s investors Alpha Wave, Alpine, DIG Investment, Matrix, and others will also be selling 47.89 million shares.

The price band of the Ola Electric IPO was fixed at Rs 72-Rs 76 apiece. The listing will take place on both BSE and NSE on August 8.

Ola Electric IPO GMP

According to market observers, unlisted shares of Ola Electric are trading Rs 13 higher in the grey market as compared with its issue price. The grey market is expecting a 17.11 per cent listing gain from the public issue. The GMP is based on market sentiments and it keeps changing.