Ola Electric Mobility Limited, the Bengaluru-based electric vehicle (EV) company, is set to open its Initial Public Offering (IPO) on Friday.
According to a press release, the company has announced a price band for its IPO ranging from Rs 72 to Rs 76 per equity share, each with a face value of Rs 10. The subscription period for the IPO will run until August 06.
The IPO includes a fresh issue of equity shares amounting to up to Rs 55,000 million, alongside an offer for sale (OFS) of up to 84,941,997 equity shares by the Promoter Selling Shareholder, the Promoter Group Selling Shareholder, and the Investor Selling Shareholders. Additionally, there will be a reservation for eligible employees within the offering.
Read More : ‘Rahul Gandhi Could Easily Become The Prime Minister’ Says Pappu Yadav | India News Manch
Investors will be able to bid for a minimum of 195 equity shares and in multiples of 195 shares thereafter. The floor price of the equity shares is set at 7.2 times the face value, while the cap price is 7.6 times the face value. The shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The IPO process will be managed by a group of financial institutions including Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited. Link Intime India Private Limited will serve as the registrar to the offer.
Under the Book Building Process, the allocation will be as follows: not less than 75 per cent of the Net Offer will be available for Qualified Institutional Buyers (QIBs), up to 15 per cent will be allocated to Non-Institutional bidders, and a maximum of 10 per cent will be reserved for Retail Individual Bidders.
It is important to note that this announcement does not constitute an offer for sale of securities in the United States. The securities may not be offered or sold in the U.S. absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Ola Electric Mobility Limited does not plan to register any portion of the offering in the U.S. or conduct a public offering of securities there.
(ANI Inputs)
