Ola Electric IPO: Ola Electric has filed draft papers with the stock market regulator SEBI to launch an IPO. Ola Electric will be the first electric vehicle company in the country to launch its IPO. It is believed that Ola Electric can raise $700 million from the market through IPO.
According to a report by Moneycontrol, Ola Electric has filed draft papers with SEBI for approval to launch the IPO. With this, Ola Electric will become the first indigenous EV company. The upcoming IPO of Ola Electric in the new year 2024 is going to be one of the most talked about IPOs. This will be the first time in 20 years that an IPO of an automobile company will come in India. Before this, the last time Maruti Suzuki (then Maruti Udyog) had come with an IPO was in the year 2003.
Rs 5500 crore will be raised by issuing fresh shares in the IPO of Ola Electric. Whereas Rs 1750 crore will be raised by selling shares under Offer for Sale. That means existing shareholders will sell their shares under OFS. Kotak, ICICI, Bank of America, Goldman Sachs, SBI Capital, Axis Capital are investment banks for Ola Electric IPO.
Recently there was news that Ola Electric IPO project has been given the codename of Project Himalaya. Ola Electric is planning to conduct a roadshow to launch the IPO in January or February 2024. Bhavish Aggarwal is the founder of Ola Electric, which has around 30 percent market share in the e-scooter segment in the country. Ola Electric is the country's largest electric two-wheeler company which sells 30,000 e-scooters every month.
Ola Electric's emphasis is on affordable e-scooters whose retail price starts from $1080. Ola Electric is currently incurring losses. The company had an operating loss of $136 million on revenue of $335 million in fiscal year 2022-23.
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