Ola Electric makes flat market debut

 SoftBank-backed Ola Electric Mobility's OLAE.NS shares debuted flat in pre-open trade on Friday amid concerns about the loss-making company's ability to retain its market share and deliver on its battery cell manufacturing project.

The stock listed at 76 rupees on the National Stock Exchange, compared with an offer price of 76 rupees.

The IPO attracted significant investor interest, being oversubscribed by 4.27 times overall. The Qualified Institutional Buyers (QIB) category, which encompasses major investors like Foreign Institutional Investors (FIIs), Domestic Financial Institutions, and Mutual Funds, was particularly robust, with subscriptions reaching 5.31 times. The High Net-Worth Individuals (HNI) segment was subscribed 2.40 times, and the retail segment saw a subscription rate of 3.92 times.

Prior to the IPO, Ola Electric secured Rs 2,763.03 crore from anchor investors by allocating 36,35,56,135 equity shares at Rs 76 per share. The anchor investor group comprised a range of notable foreign and domestic institutions, including SBI Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, UTI Mutual Fund, Mirae Asset Mutual Fund, Norges, Nomura, Fidelity, Franklin Templeton, Pictet, Sundaram Mutual Fund, HDFC Life Insurance Company, Matthews Mutual Fund, Kotak Mahindra Life Insurance Company Ltd, and Jupiter Mutual Fund.