Bengaluru-based Ola Electric, a pure EV player, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator SEBI to raise funds for its initial public offering (IPO).
Bengaluru : Electric two-wheeler maker Ola Electric has submitted preliminary documents to market regulator Securities and Exchange Board of India (SEBI) on Friday to raise money through Initial public offering (IPO). This will be the first IPO of an automobile manufacturer in India in more than 20 years and the first electric automobile company in India, which will be listed in the stock market. For a long time, interested people were waiting for the IPO of Ola Electric, which is now about to be completed.
According to the documents filed with SEBI, in this IPO new equity shares worth up to Rs 5,500 crore will be issued and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹ 10. Apart from this, 9,51,91,195 equity shares will be issued under OFS. At least 75 percent of the shares will be reserved for qualified institutional buyers and 15 percent will be for non-institutional investors. Apart from this, a maximum of 10 percent equity shares will be reserved for retail customers.
According to source, the funds raised from the IPO will be used to repay some debt along with OCT for the Ola Gigafactory project. This money will also be used for some important expenses. It also said, Ola Electric will spend a part of the money received from IPO in research and development.
The process of IPO of Ola Electric had started from the month of June itself. At that time the news came that the company is planning to launch an IPO of about 1 billion dollars i.e. about Rs 8300 crore. However, now the picture has become clear and the company is bringing an IPO of Rs 5500 crore.
Ola manufactures electric scooters. It has backing from big investors like SoftBank and Temasek. The company started its sales in December 2021 and since then has sold around 3.53 lakh units. The company had incurred a loss of about Rs 1472 crore in FY 2023, which was almost double the previous loss.
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According to the documents filed with SEBI, in this IPO new equity shares worth up to Rs 5,500 crore will be issued and an offer for sale (OFS) of 95,191,195 equity shares at a face value of ₹ 10. Apart from this, 9,51,91,195 equity shares will be issued under OFS. At least 75 percent of the shares will be reserved for qualified institutional buyers and 15 percent will be for non-institutional investors. Apart from this, a maximum of 10 percent equity shares will be reserved for retail customers.
According to source, the funds raised from the IPO will be used to repay some debt along with OCT for the Ola Gigafactory project. This money will also be used for some important expenses. It also said, Ola Electric will spend a part of the money received from IPO in research and development.
The process of IPO of Ola Electric had started from the month of June itself. At that time the news came that the company is planning to launch an IPO of about 1 billion dollars i.e. about Rs 8300 crore. However, now the picture has become clear and the company is bringing an IPO of Rs 5500 crore.
Ola manufactures electric scooters. It has backing from big investors like SoftBank and Temasek. The company started its sales in December 2021 and since then has sold around 3.53 lakh units. The company had incurred a loss of about Rs 1472 crore in FY 2023, which was almost double the previous loss.
Mudrayogi Desk
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