The ₹6,145-crore public issue of Ola Electric was fully subscribed on the second day of the offer, with strong participation from retail and employee categories.
According to BSE data, the initial share sale of Bhavish Aggarwal-led Ola Electric received bids for about 494 million shares against 465 million shares on offer. The portion reserved for employees saw the highest subscription rate, at nine times the offer. Employees bid for 7.6 million shares against the 0.84 million shares on offer.
The retail portion of the offer was subscribed three times, with bids for 244 million shares compared to the 85 million shares available. The non-institutional investors’ portion also saw robust bidding, being fully subscribed on the second day with 1.11 times the total bids. The portion reserved for qualified institutional buyers (QIBs) was subscribed 40% by the second day of bidding.
The issue, which opened on August 2, will close on Tuesday. The company set a price band of ₹72-76 per share.