If you are interested in Ola Electric IPO and have bid or are about to bid then there is an update for you. Ola Electric Mobility IPO GMP on Tuesday, the third day of bidding, is +2.50 gray market premium. According to Investorgain.com, this shows that the Ola Electric share price was trading at a premium of ₹ 2.50 in the gray market. According to Livemint news, taking into account the upper end of the IPO price band and the existing premium in the gray market, the estimated listing price of Ola Electric shares is stated to be ₹ 78.5 per share, which is 3.29% higher than the IPO price of ₹ 76.
Current GMP is moving downwards
According to the news, the grey market activity in the last 13 sessions shows that the current GMP (₹2.50) is moving downwards. Analysts at InvestorGain.com estimate that the lowest GMP is ₹0 and the maximum GMP is ₹16. The grey market premium (GMP) reflects investors’ willingness to pay more than the issue price. Driven by demand from retail investors and non-institutional investors, electric two-wheeler company Ola Electric Mobility’s ₹6,145 crore initial public offering was fully subscribed on the second day of bidding on Monday.
What is the trend on subscription
According to BSE, the initial share sale received bids for 49,43,85,840 shares while there were 46,51,59,451 shares on offer, translating into 1.06 times subscription.
While the quota for non-institutional investors was subscribed 1.11 times, the category of retail individual investors (RIIs) received oversubscriptions by 2.87 times. Qualified institutional buyers (QIBs) received a 40% subscription, and the employee portion was booked 8.98 times. On August 2, the first day of the bidding process, Ola Electric Mobility’s ₹6,145-crore initial share offer was subscribed 35%, indicating low levels of investor interest.
According to Livemint, the IPO comprises an offer for sale (OFS) of up to 8.49 crore equity shares worth ₹645.56 crore at the higher end of the price range by investors and promoters, besides a fresh issue of equity shares worth up to ₹5,500 crore. Under the OFS, Ola Electric founder Bhavish Aggarwal will sell around 3.8 crore shares.
third day bid
Ola IPO subscribed 2.87 times so far on third bid day. According to BSE data, Ola Electric IPO subscription status at 3.30 pm is 3.88 times. The quota for retail investors was subscribed 3.75 times, while the non-institutional investors’ portion was subscribed 2.37 times. The qualified institutional buyers (QIBs) portion has been booked 4.66 times, and the employee portion has been subscribed 11.41 times.
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