Homegrown electric vehicle (EV) firm Ola Electric has unveiled plans for its initial public offering (IPO), which will open for subscription on August 2 and close on August 6. The company will offer shares within a price band of Rs 72 to Rs 76 each, aiming to raise Rs 5,500 crore through the offering.
Retail investors will have access to approximately 10 percent of the total shares on offer. The IPO will feature an offer for sale (OFS) component of up to 84.94 million shares, valued at Rs 645.96 crore at the upper end of the price range. This brings the total issue size to Rs 6,145.96 crore, positioning Ola Electric with a market capitalization close to Rs 33,500 crore.
Also Read: Simple Energy Secures $20 Million In Series A Funding To Boost EV Production
Promoters Bhavish Aggarwal and Indus Trust will divest 3.79 crore and 41.79 lakh shares, respectively. Additionally, other significant investors, including SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III Pte, Matrix Partners India Investments III LLC, and Ashna Advisors LLP, will also be selling shares through the OFS.
The capital raised from the IPO will be directed towards expanding Ola Electric’s cell manufacturing capacity, with an estimated Rs 1,227 crore earmarked for this purpose. Funds will also support research, product development, and business expansion efforts.
For the fiscal year 2024, Ola Electric reported a net loss of Rs 1,584.4 crore, a 7.6 percent increase from the previous year’s loss of Rs 1,472.1 crore. Despite the loss, the company experienced a significant boost in operating revenue, which surged by 90 percent to Rs 5,009.8 crore from Rs 2,630.9 crore in fiscal year 2023, according to the company’s red herring prospectus (RHP).
Devotees at Mathura's Banke Bihari temple gathered to collect water dripping from a sculpted elephant,…
A nine-judge SC bench ruled that the State cannot indiscriminately seize private property for redistribution…
Junior doctors in WB protested Tuesday over alleged flaws in the CBI chargesheet on their…
The SC upheld the UP Board of Madrasa Education Act, 2004, reversing the Allahabad High…
The US presidential election is a complex, multi-step process that involves both voters and an…
The Mumbai Police disclosed that the firearms used to assassinate late NCP leader Baba Siddiqui…