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Ola Electric IPO sparks investor interest but losses, pure-play EV focus may play foul

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Bhavish Aggarwal-led Ola Electric’s Rs 6,146-crore IPO—the largest yet in India in 2024—witnessed a late surge in bidding on its final day but widening losses and its exclusive focus on electric vehicles (EVs) are likely to weigh on investors’ minds.

The EV maker, currently the market leader in India in terms of e-scooter sales, has thrived by selling its scooters at lower prices than its competitors. But lower prices have resulted in a wider loss in FY24 despite a 90% jump in revenue. The company’s RHP (red herring prospectus) showed that the EV two-wheeler maker reported widening losses to Rs 1,584 crore in the year ended March 31, 2024, compared with a loss of Rs 1,472 crore in the previous year. 

Analysts YourStory spoke to fear the company will eventually need to lower its discounts to achieve profitability, potentially affecting its market share.

Moreover, Ola Electric’s competitors—Bajaj Auto, Hero MotoCorp, and TVS Motor—have a longstanding history in India’s automotive industry and an established client base. These companies offer a wider range of vehicles, including internal combustion engine (ICE) vehicles, attracting more customers to their showrooms compared to Aggarwal-led Ola, which currently only offers electric scooters. 

Additionally, government schemes and incentives like Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME) scheme and Electric Mobility Promotion Scheme 2024 that have bolstered India’s EV market have been delayed and subsidies under these schemes have decreased over the past two years. For instance, the second phase of the FAME scheme expired on March 31, 2024 and the third phase is yet to be announced.

Analysts worry that if these subsidies are phased out entirely, EVs may become a less appealing choice for buyers.

Ola electric

“IPOs have come in huge premiums compared to the market. Ola Electric is only making EVs, compared to Bajaj or TVS… these companies have data spanning many years and you know how they behave in the good times and the bad times, their thought process, dividend policies,” a former research analyst says on condition of anonymity.

“When you have better options and listed companies are trading at a discount to your newly-listed companies, why should one invest in an IPO? No IPOs have come at a cheap price,” the analyst adds.

However, Aggarwal, in a pre-IPO event in Bengaluru, seemed confident about the company turning profitable as production volumes increase and with the introduction of its new in-house manufactured lithium-ion cell, which is expected to reduce costs. 

Anand Rathi Research, a stock brokerage firm, seconded Aggarwal’s optimism.

The brokerage said that Ola Electric has substantial growth potential in the coming years, expected to be driven by annual increases in capacity utilisation at the Ola Futurefactory, which commenced manufacturing e-scooters in October 2021 in Tamil Nadu, and favourable regulatory developments. Ola Electric is also working to establish an EV hub in Krishnagiri, Tamil Nadu, which will also have a vendor and supplier network besides manufacturing.

Ola Electric’s IPO, which opened on August 2, was fully subscribed by the second day, driven by retail investors, and saw a sharp increase in bids from institutional investors on the final day, which doesn’t come as a surprise as institutional investors often place bids on the last day of IPOs to assess demand and maintain liquidity. The IPO closed with over 4X bids on the final day. 

However, compared to the subscription numbers of some new-age tech companies like Zomato, which was subscribed 38.25 times, and Nykaa, which was subscribed nearly 82 times, Ola Electric’s IPO appears lacklustre.

“As far as subscription goes, compared to other IPOs that got 20x or 40x subscription, the response has been very mild,” says a second analyst YourStory spoke with on condition of anonymity as well.

“IPOs have not given money. Out of 100, five have probably given. Most of these investors have come after 2020, they don’t understand the risk of the market,” the first analyst says. 

Ola Electric’s IPO comes at a time when shares of technology companies have plummeted over the past week due to recession fears in the US. In such periods, investors typically dump high-growth technology stocks in favour of safer investments like bonds. 

The IPO, along with the public offerings of two other new-age technology companies, Firstcry and Unicommerce, will be closely watched by startup founders. In 2021, after Paytm’s share price plummeted shortly after its listing, many new-age, loss-making companies chose to delay their plans of going public and shifted their focus to improving unit economics before considering a listing again.

(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)





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Workplace boundaries: 5 things not to share with coworkers

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In today’s workplace, building relationships and open communication are highly encouraged. A collaborative environment can foster trust, creativity, and productivity among colleagues. However, there is a fine line between being friendly and sharing too much. Revealing certain personal information to your coworkers can blur professional boundaries and even affect your career negatively. In a world where first impressions and professionalism matter, knowing what to keep private is crucial to maintaining respect and credibility.

This guide highlights five essential things you should never share with colleagues. From sensitive financial details to personal beliefs, these are boundaries that every professional should respect for the sake of both personal privacy and workplace harmony.


1. Financial information

Discussing your financial situation at work—whether it’s your salary, debts, or even that new loan you’ve taken out—can lead to misunderstandings, envy, or resentment. Salary disparities, in particular, are a sensitive topic and can create friction in the workplace if colleagues perceive unfairness. Moreover, sharing details about your finances could unintentionally set you up for gossip or judgment from others, which could alter their view of your professionalism. If you’re asked directly, a polite but firm response, such as “I prefer not to discuss personal finances,” can help maintain boundaries.


2. Political and religious beliefs

In an era of heightened political polarisation and strong opinions on various social issues, discussing your political or religious beliefs at work can be risky. Even casual remarks can lead to disagreements and, in worst cases, workplace conflicts. This doesn’t mean you should hide your identity, but it’s wise to avoid diving into discussions that might alienate or offend others. Maintaining a neutral stance on sensitive topics can help create a respectful, inclusive work environment.


3. Personal health issues

Your health is deeply personal, and sharing too much about any physical or mental health challenges can lead to unintended consequences. While close friends may share personal health information, colleagues don’t need to know the specifics of your medical history. Revealing health information might result in unwanted sympathy, awkwardness, or even doubt about your ability to perform your job effectively.


4. Negative opinions about colleagues or management

It might feel cathartic to vent about a difficult coworker or a strict manager, but sharing these thoughts with other colleagues can easily backfire. Not only can it damage your reputation, but it could also harm your professional relationships if your words get back to the person in question. Criticising team members or managers can make you seem untrustworthy or negative, both of which can hinder your career progression. Maintaining a neutral or positive stance will reflect professionalism and emotional maturity.


5. Ambitions for a new job or career move

Sharing your plans to apply for a new job or change careers might seem harmless, but it could shift how your colleagues or managers view your commitment. If your supervisor learns that you’re planning to leave, it could lead to fewer opportunities or even less favourable treatment as they prepare for your departure. To protect your current position, focus on your work, and wait to share the news until you’re ready to make a formal exit.


Conclusion

In a professional setting, boundaries are essential for a healthy work environment. While sharing parts of your personal life can help build connections, knowing where to draw the line is equally important. By keeping your financial matters, health concerns, personal beliefs, and career ambitions private, you’ll be better able to maintain a positive reputation, foster respectful relationships, and ultimately advance your career without unnecessary complications.

Remember, in the workplace, less can often be more. Protect your privacy, and you’ll find it easier to focus on what truly matters—your professional growth and contributions.





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Taming the restless ‘Monkey Mind’: 6 signs and calming tips

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Do you ever feel as if your thoughts are racing, jumping from one idea to the next without pause? This restless state of mind, commonly known as the “monkey mind,” can leave you feeling overwhelmed, distracted, and unable to focus. Imagine a monkey swinging from branch to branch—never still, always moving. The monkey mind does something similar, dragging your attention in multiple directions at once. In a world filled with constant notifications, endless tasks, and overstimulation, it’s no wonder our minds are often buzzing with a mix of unfinished thoughts, worries, and ideas.

Recognising and managing a monkey mind can be a game-changer for mental clarity, productivity, and peace. In this article, we’ll dive into six telltale signs of a monkey mind and explore proven strategies to calm it down and regain focus.

6 Telltale signs of a monkey mind


1. Constant overthinking

A classic sign of a monkey mind is constant overthinking. You may find yourself analysing every detail, reliving past conversations, or stressing over hypothetical situations that may never happen. This mental loop can keep you from moving forward or making decisions, trapping you in a cycle of what-ifs.

Try to channel overthinking into action by setting a time limit for worrying or planning, and then move on. Journaling can also help you process your thoughts and release them from your mind. Practicing mindfulness by focusing on what you’re doing right now can redirect your attention away from endless what-ifs.


2. Difficulty focusing on a task

If you find yourself switching tasks frequently, unable to concentrate on one thing for long, it’s a clear sign your mind may be restless. The monkey mind is easily distracted, often drawn to anything that promises novelty or instant gratification.

Implementing techniques like the Pomodoro Method—where you work for 25 minutes and then take a 5-minute break—can improve focus. Create a designated workspace, eliminate distractions, and try using noise-cancelling headphones or listening to concentration-friendly music to help you stay on task.


3. Procrastination and avoidance

A monkey mind often leads to procrastination, especially when faced with big or daunting tasks. The mind can become overwhelmed by the task’s complexity, prompting you to avoid it entirely and instead focus on smaller, less important activities.

Break tasks into smaller, manageable steps to make them feel less overwhelming. Set a specific goal for each work session, even if it’s just to complete a small portion. Reward yourself for each accomplishment, no matter how small, to keep your momentum going.


4. Heightened anxiety or stress

With the mind constantly jumping from one thought to another, stress and anxiety levels can increase. A monkey mind often dwells on worst-case scenarios and hypothetical fears, causing a continuous cycle of worry and tension.

Incorporate regular deep-breathing exercises or meditation into your day. Slow, mindful breathing can help activate the body’s relaxation response, lowering stress levels and bringing a sense of calm. For some, a quick physical reset—such as stretching or walking—can break the anxiety loop and help you feel grounded.


5. Trouble sleeping

If your mind feels like it’s in overdrive at night, it could be because of a monkey mind. Endless thoughts and worries can make it hard to fall asleep or stay asleep, leaving you feeling exhausted the next day.

Establish a calming bedtime routine to signal your mind and body that it’s time to wind down. Avoid screens at least an hour before bed, and consider listening to a guided meditation or calming sounds to lull your mind into relaxation mode. Journaling before bed can also help you clear your mind by putting your thoughts on paper.


6. Feeling constantly distracted

A monkey’s mind craves stimulation and often finds it challenging to stay present. You may find yourself constantly checking your phone, seeking out new content, or even daydreaming when you should be focused on a task at hand.

Practice “mindful breaks” during your day—short intervals where you put down your devices, observe your surroundings and ground yourself in the present. Limiting the number of things you try to multitask can help, too. Start by giving your full attention to one task, and slowly build your focus endurance from there.


Conclusion

Our minds are naturally curious, and having occasional restless thoughts is normal. However, when the monkey mind takes over, it can disrupt our peace, productivity, and well-being. Recognising the signs of a monkey mind and incorporating calming strategies—like mindfulness, structured work sessions, and relaxation techniques—can help you regain control over your mental landscape. The next time you find your mind swinging wildly, try one of these calming techniques to bring yourself back to a state of balance and clarity.

By making mindfulness a habit and addressing the monkey mind head-on, you’ll be able to cultivate a deeper sense of peace, focus, and contentment in your daily life.





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Swiggy IPO gets oversubscribed led by QIB bids

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Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process. 

Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.

According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.

The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.

On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.

Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.

The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.





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