Ola Electric share price drops over 5% as anchor investors’ 90 day lock-in period ends

Ola Electric share price declined over 5% in early trade on Tuesday as the anchor lock-in period of three months, or 90 days, ended today. Ola Electric Mobility shares fell as much as 5.39% to ₹76.25 apiece on the BSE.

The anchor lock-in period for 50% of Ola Electric Mobility shares, around 18.18 crore or 4% of the company’s outstanding shares, ended on Tuesday, November 5.

The end of the three months’ anchor lock-in period implies that 18.18 crore Ola Electric shares that were locked in by anchor investors are now available for trading in the market. However, it is important to note that the lock-in period expiry does not necessarily imply that all these shares will be sold. These shares are simply eligible for trading.

Earlier, the 30-day anchor lock-in period of Ola Electric Mobility shares expired on September 9.

According to regulations, the shares purchased by anchor investors in the IPO are subject to a lock-in period. A total of 50% shares allotted to anchor investors are locked for 30 days and the remaining 50% for 90 days from the grant date.

Ola Electric IPO was launched on August 2, 2024, and the electric two-wheeler maker had raised ₹6,145.56 crore from the primary market. A dat ahead of the issue opening, Ola Electric mopped up ₹2,763 crore from anchor investors by allotting 36.35 crore shares to various domestic and foreign institutions at ₹76 per share, the upper price band for the IPO.

Ola Electric shares had made a flat stock market debut on August 9 as the stock was listed at par with its issue price on Friday. Ola Electric shares were listed at ₹76 apiece on NSE as against its issue price of ₹76 apiece. On BSE, Ola Electric shares got listed with a discount of 0.01% at ₹75.99 apiece.

After its listing, Ola Electric share price hit a high of ₹157.53 apiece on August 20, and a low of ₹74.82 apiece on October 29. 

Ola Electric Q2 Results Date

Meanwhile, in a regulatory filing on Monday, Ola Electric Mobility announced that the meeting of its Board of Directors is scheduled to be held on Friday, November 08, 2024, to consider and approve the unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2024, along with the Limited Review Report of the Auditors.

At 11:25 am, Ola Electric shares were trading 5.12% lower at ₹76.47 apiece on the BSE.