Ola Electric, Bengaluru-based electric two-wheeler company, has announced the price range for its much-anticipated initial public offering (IPO). From Friday (2 August, 2024), the IPO will be priced between Rs 72 and Rs 76 per share whereas the last day for subscription of this IPO is Tuesday (6 August, 2024).
In its initial public offering (IPO), Ola Electric is offering 8,49,41,997 shares for sale, along with a fresh share issue valued at Rs 5,500 crore. At the maximum price of Rs 76, the OFS is expected to raise around Rs 645.56 crore. Additionally, Ola Electric’s shares are set to start trading on the BSE and NSE stock exchanges from Friday (August 9, 2024).
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About Ola Electric IPO
Ola Electric is a leading electric vehicle (EV) company in India, focusing on both EVs and their key components. They make and sell electric vehicles and have introduced seven products so far, with four more on the way. As of March 31, 2024, Ola Electric operates an extensive distribution network, 870 experience centers, 431 service centers, and including their website.
In the offer for sale (OFS), Bhavesh Aggarwal, Indus Trust, and various investors such as Alpha Wave, Alpine, Matrix Partners, Internet Fund III, MacRitchie Investments, SVF II Ostrich (DE), Tekne Private Ventures, and Ashna Advisors will be selling their shares.
You can bid for at least 195 shares, with additional shares available in multiples of 195. The Ola Electric IPO will reserve 75% of the shares for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.
Approved by SEBI last month, this IPO will be the first by an EV startup in India and one of the largest new-age IPOs of 2024.
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Ola Electric is planning to invest Rs 1,227 crore from its IPO proceeds to boost its battery cell manufacturing plant, known as Ola Gigafactory, from 5 gigawatt hours (GWh) to 6.4 GWh by April 2025.
Additionally, the company will use Rs 800 crore to pay off loans from its subsidiary, Ola Electric Technologies. It will also invest Rs 1,600 crore in research and product development and allocate Rs 350 crore for growth initiatives.
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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before making any investment decision.
