OLA Electric IPO will open for subscription on August 02 at a price band of Rs 72 to Rs 76 per equity share. 

Film Director Zoya Akhtar along with actor and her brother Farhan Akhtar acquired shares in the upcoming IPO of OLA Electric in December 2021, now those shares stand at a gain of 26%. The duo paid Rs 60.36 for every share after a bonus issue and conversion of preferential shares.

Along, with Akhtar duos Paytm’s founder Vijay Shekhar Sharma through his VSS Investco also bought seven Series C preference shares of OLA Electric for a value of Rs 7.5 crore. His shares are now valued at Rs 9.46 crore if multiplied by the upper price band of the issue. Zoya Akhtar acquired the Series C preference shares for Rs 1.07 crore while Farhan Akhtar paid Rs 2.14 crore for two shares of the same category. 

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Also, the co-founder of Excel Entertainment, a film production house, Ritesh Sindhwani acquired two shares in Series C. 

After the conversion of the preference shares on June 2024, Vijay Shekhar Sharma’s total shares in the company stands at 12.45 lakh, Zoya Akhtar’s 1.78 lakh, Ritesh Sindhwani’s 3.56 lakh, and 3.56 lakh. 

OLA Electric IPO opens on August 02

OLA Electric will be raising a sum of Rs 6,145.56 out of which Rs 5,500 will go to the company and left Rs 645.56 crore to promoters and other selling shareholders. 

Expert’s Take on OLA Electric

“We believe that Ola has significant headroom to grow in coming years led by favourable market conditions, regulatory norms, and the higher capacity utilization of Ola Futurefactory on yearly basis,” said Anand Rathi Stock Brokers in a research report. Moreover, the company commenced manufacturing the 4680-form factor cells at the Ola Gigafactory on March’24 which is expected to allow better control over battery and EV quality, supply, and costs. Despite being a loss- making entity company has gained market share of 34.8% in E2W segment. “Therefore, on the valuation front, we believe that the company is richly priced. Thus, we recommend a “Subscribe – long term” rating to the IPO with a higher risk appetite,” said the broking house.