Ola Electric's ₹6,146 crore IPO — India's largest EV listing of 2024
Ola Electric's market debut, subscription details, use of proceeds and what it signalled for the Indian EV capital markets.
Ola Electric Mobility's ₹6,146 crore IPO — the largest in India in 2024 at the time — was oversubscribed 4.27× and listed on August 9, 2024. It remains the reference point for every EV public-market debate since.
The deal at a glance
- Offer size: ₹6,146 crore (₹5,500 crore fresh issue + ₹645.6 crore OFS)
- Price band: ₹72–76 per share
- Subscription: 4.27× overall — QIBs 5.31×, retail 3.92×, NIIs 2.40×
- Listing: August 9, 2024 on BSE/NSE
Use of proceeds
The company earmarked the fresh-issue funds for:
- ₹1,227.6 crore — cell manufacturing plant expansion
- ₹800 crore — debt repayment
- ₹1,600 crore — research and product development
- ₹350 crore — business expansion
The Ola IPO was the first pure-play EV company to hit Dalal Street. It set the pricing benchmark for Ather Energy's IPO the following year — and tested whether Indian public markets would fund loss-making EV businesses.
The signal
Ola's 4.27× subscription — driven by strong QIB and retail demand despite heavy losses — showed Indian public markets were willing to underwrite EV growth stories. Ather Energy's tepid 1.43× subscription the next year revealed the window was narrower than it appeared.
Public markets fund EV scale, but they demand a growth story — Ola got one; Ather struggled to tell it.Get the HYPR EV investor returns PDF
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