Ola Electric Mobility Limited is an EV company mainly manufacturing EVs and specific core EV components like battery packs, motors, and vehicle frames at the Ola Future factory.
Since August 2021, the company has launched four new products and announced six. The Ola S1 Pro, the first EV model, was delivered in December 2021, followed by the Ola S1, Ola S1 Air, and Ola S1 X+ in subsequent years. On August 15, 2023, they announced new EV scooter models and a lineup of motorcycles comprising Diamondhead, Adventure, Roadster, and Cruiser.
As of October 31, 2023, the company operates its own direct-to-customer (“D2C”) omnichannel distribution network across India, comprising 935 experience centres and 414 service centres (of which 410 service centres are located within experience centres), in addition to its Ola Electric website.
In Fiscal 2023, approximately 75% of 2W exports from India were to Africa, LATAM, and Southeast Asia, which are categorized by limited domestic E2W supply.
In Fiscal 2023, around 75% of 2W exports from India were destined for Africa, LATAM, and Southeast Asia, with a limited domestic supply of E2W.
The business model is founded on three vital scalable platforms:
- Its R&D and technology platform with in-house design and development across EV technologies and components,
- The adaptable manufacturing and supply chain platform and,
- The D2C omnichannel distribution platform.
As of October 31, 2023, the company has 974 on- and off-roll employees focused on research and development. They are dedicated to product development, vehicle and software engineering, vehicle design, and cell development.
OLA Electric IPO – Details
| IPO Opening Date | 02 August 2024 |
| IPO Closing Date | 06 August 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 80,86,26,208 Shares Worth ₹6145.56 Crore Fresh Issue: 72,36,84,211 Shares Worth ₹5500.00 Crore Offer For Sale: 8,49,41,997 Shares Worth ₹645.56 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹72 – ₹76 per share |
| Market Lot | 195 Shares |
| Min Order | 195 Shares (1 Lot) |
| Employee Discount | ₹7 |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Ltd |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
OLA Electric IPO – Date Schedule
| IPO Open Date | 02 August 2024 |
| IPO Close Date | 06 August 2024 |
| Credit of Shares to Demat Account | 07 August 2024 |
| Initiation of Refund | 08 August 2024 |
| Credit of Shares to Demat Account | 08 August 2024 |
| IPO Listing Date | 09 August 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 06, 2024 |
OLA Electric IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 195 | ₹14,820 |
| Retail (Max) | 13 | 2,535 | ₹1,92,660 |
| S-HNI (Min) | 14 | 2,730 | ₹2,07,480 |
| S-HNI (Max) | 67 | 13,065 | ₹9,92,940 |
| B-HNI (Min) | 68 | 13,260 | ₹10,07,760 |
Competitive Strengths
- Pure EV player with a leadership position in the fast-growing Indian E2W market.
- Founder led company supported by a highly experienced and professional leadership team.
- In-house R&D and technology capabilities.
- Manufacturing at scale and supply chain resilience.
- Scalable platform-based design and development approach.
- Direct to customer omnichannel distribution model.
- Eligibility for EV-related government incentives leading to cost advantages.
- Execution excellence.
Company Promoters
- Bhavish Aggarwal
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2021 | 106.08 | 284.90 | -199.23 | 38.87 |
| 31 March 2022 | 456.26 | 1173.81 | -784.15 | 750.41 |
| 31 March 2023 | 2782.69 | 3883.37 | -1472.07 | 1,645.75 |
| 30 June 2023 | 1278.67 | 1460.71 | -267.15 | 1,616.57 |
Key Performance Indicator
| KPI | Values |
|---|---|
| RoNW | -78.46% |
| P/BV | 13.72 |
| Pre IPO | Post IPO | |
| EPS (Rs) | -4.3 | -3.59 |
| P/E (x) | -17.69 | -21.16 |
Object Of The Issue
- Capital expenditure to be incurred by its Subsidiary, OCT for expansion of the capacity of its cell manufacturing plant from 5GWh to 6.4 GWh, classified as phase 2 under the expansion plan(the “Project”);
- Repayment or pre-payment, in full or part, of the indebtedness incurred by its Subsidiary, OET;
- Investment into research and product development;
- Expenditure to be incurred for organic growth initiatives; and
- General corporate purposes
OLA Electric IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 1 | TVS Motors | 69.69 |
| 2 | 1 | Eicher Motors | 36.78 |
| 3 | 10 | Bajaj Auto | 29.95 |
| 4 | 2 | Hero MotoCorp | 27.16 |
OLA Electric IPO Promoter Holding
| Pre Issue Share Holding | 45.19% |
| Post Issue Share Holding | 36.82% |
OLA Electric IPO Prospectus
Company Contact Information
| Ola Electric Mobility Limited Regent Insignia, #414, 3rd Floor, 4th Block 17thMain100 Feet Road, Koramangala Bengaluru 560034 Phone: +91 80 3544 0050 Email: ipo@olaelectric.com Website: https://www.olaelectric.com/ |
OLA Electric IPO Registrar
| Link Intime India Private Ltd Phone: +91-22-4918 6270 Email: olaelectric.ipo@linkintime.co.in Website: https://linkintime.co.in/initial_offer/public-issues.html |
OLA Electric IPO Lead Manager(s)
| 1. Kotak Mahindra Capital Company Limited 2. Axis Capital Limited 3. BofA Securities India Limited 4. SBI Capital Markets Limited |
OLA Electric IPO FAQs
| What is OLA Electric IPO? OLA Electric IPO is a main-board IPO. The issue is priced at ₹72 to ₹76 per equity share. The IPO is to be listed on BSE & NSE. |
| When OLA Electric IPO will open? The IPO is to open on 02 August 2024 for QIB, NII, and Retail Investors. |
| What is OLA Electric IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| How to Apply the OLA Electric IPO? You can apply OLA Electric IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the OLA Electric IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “OLA Electric IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the OLA Electric IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “OLA Electric IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the OLA Electric IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “OLA Electric IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the OLA Electric IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “OLA Electric IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is OLA Electric IPO Size? OLA Electric IPO size is ₹6145.56 Crore. |
| What is OLA Electric IPO Price Band? OLA Electric IPO Price Band is ₹72 to ₹76. |
| What is OLA Electric IPO Minimum and Maximum Lot Size for retail? The minimum bid is 195 Shares with ₹14,820 amount while the maximum bid is 2535 Shares with ₹1,92,660. |
| What is the OLA Electric IPO Allotment Date? OLA Electric IPO allotment date is 07 August 2024. |
| What is the OLA Electric IPO Listing Date? OLA Electric IPO listing date is 09 August 2024. The IPO is to be listed on BSE and NSE. |
