Exciting News: IPO GMP Share Price as of 31 JULY 2024 🚀💸
🔔 Ola Electric Mobility’s IPO subscription will open on 2nd August. Investors can place their bids in the IPO until 6th August. The company’s shares will be listed on the Bombay Stock Exchange and National Stock Exchange on 9th August. IPO will open for retail investors on 1st August, offering new shares under the share offer for sale as well. Ola Electric will become the first listed electric two-wheeler company.
💰 The IPO price range has been set at ₹72-76 per share. Investors can bid for 195 shares. Employees will receive a discount of ₹7 per share. Institutional buyers have 75% of the shares reserved, non-institutional investors have 15%, and retail investors have 10% reserved.
💡 Ola Electric will issue new shares worth ₹5,500 crore through the IPO, with an offer for sale of 8.4 crore shares. Promoters like Bhavish Agarwal along with investors Softbank, Temasek, Matrix Partners India, will sell their shares through the offer. The proceeds from selling new shares will be invested back into the company, with ₹1,600 crore going into R&D.
📉 Ola Electric’s losses increased in FY24. The company operates solely in the electric vehicle segment, manufacturing EVs and EV components. It has introduced seven products and announced four new ones. By March 2024, Ola Electric has 870 centers and 431 service centers through its all-channel distribution network. The company is working to overcome losses, with the net loss increasing to ₹1,584.40 crore from ₹1,472.08 crore in FY24. During the quarter, the company’s revenue increased from ₹2,782.70 crore to ₹5,243.27 crore.
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