Ola's Share price as hiked by 20% today after listing, Click here to read the full article:

Ola Electric Mobility's Initial Public Offering (IPO) of Rs 6,154 crore was met with an enthusiastic response, being oversubscribed by 4.27 times. The offering was a mix of fresh shares and an offer for sale.

On its stock market debut on August 9, Ola Electric's shares surged by 20%, hitting the upper circuit limit, reflecting the strong demand during the IPO.

The public offering attracted substantial interest from investors, with the issue being subscribed 4.27 times over. Qualified Institutional Buyers (QIBs) and retail investors were particularly keen, subscribing 5.31 and 3.92 times their allotted shares, respectively, on August 6. Non-institutional investors also showed significant interest, bidding for 2.4 times their share allocation.

Ola Electric's employees participated enthusiastically as well, purchasing shares 11.99 times the reserved portion. The company has allocated Rs 5.5 crore worth of shares for its employees at a Rs 7 discount per share from the final issue price.

The electric vehicle manufacturer, known for producing key components like battery packs, motors, and vehicle frames at its Ola Futurefactory, is planning to use the funds raised to boost its cell manufacturing plant's capacity from 5 GWh to 6.4 GWh with an investment of Rs 1,227.64 crore. The company also plans to allocate Rs 800 crore towards debt repayment, Rs 1,600 crore for research and development, and Rs 350 crore for organic growth initiatives.