Ola Electric Mobility, backed by SoftBank, successfully raised $734 million through its Initial Public Offering (IPO). The company’s shares were listed at ₹75.99 on the Bombay Stock Exchange (BSE) and ₹76 on the National Stock Exchange (NSE), aligning with the issue price of ₹76. Post-listing, Ola Electric’s stock saw a significant surge, climbing 17.77% to ₹89.50 on the BSE.
The stock further reached its upper circuit limit with a 20% increase, peaking at ₹91.18 per share on 09.08.2024. On Monday (August 12), the shares of OLA Electric touched a fresh high of INR 109.
Founded in 2017, Ola Electric has made history by becoming the first electric vehicle (EV) manufacturer in India to go public. This IPO is also notable as it marks the first by any automaker in India in two decades, ranking among the largest IPOs in the country this year. The company is known for its vertically integrated technology and manufacturing capabilities, focusing on EVs and components, including battery cells. The IPO attracted strong interest from both domestic and international investors.
The syndicate of banks that managed the IPO included 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.
Shardul Amarchand Mangaldas & Co acted as the Indian counsel to the syndicate of banks, with the transaction team led by Prashant Gupta, Head of Capital Markets Practice, along with Partners Sayantan Dutta and Ruth Chenchiah, and associates Koshy Mammen, Megha Mehta, and Divya Dhawan.
Linklaters served as the foreign counsel to the syndicate, with the team led by Amit Singh, Partner and Head of India Practice, supported by Joseph Wolpin (Counsel) and Rushil Oberoi (Associate).
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