New Delhi, Electric two-wheeler company Ola Electric has received capital markets regulator Sebi's approval to raise funds through an initial public offering (IPO) - the first issue by an automaker in the country in more than 20 years, people familiar with the matter said. Said on Tuesday.
According to the draft red herring prospectus (DRHP), the proposed IPO is a combination of fresh issue of equity shares worth up to Rs 5,500 crore and offer for sale (OFS) of up to 9.52 crore equity shares by promoters and investors.
The Bengaluru-based company, which had filed preliminary IPO papers with SEBI in December 2023, has now received approval to float a public issue, he said.
According to the draft papers, the proceeds from the fresh issue will be used for capital expenditure to be incurred by subsidiary OCT for the Ola Gigafactory project, repayment of debt by subsidiary OET, investment in research and product development, expenditure for organic growth initiatives . and general corporate purposes.
Ola Electric manufactures EVs and core EV components, such as battery packs and motors, at the Ola FutureFactory – manufacturing facility in Krishnagiri.The company is in the process of building an EV hub in Krishnagiri and Dharmapuri districts of Tamil Nadu, comprising the Ola FutureFactory, the upcoming Ola Gigafactory and co-located suppliers in Krishnagiri district.
It introduced its first EV model 'S1 Pro' in August 2021 and currently has a portfolio of 5 scooter models.
Within nine months of Ola Electric introducing its first EV scooter, it has become the best-selling e2W player in India based on e2W registrations listed on the vehicle portal of the Ministry of Road Transport and Highways.
For fiscal 2023, its revenue from operations grew more than seven times to Rs 2,630.93 crore from Rs 373.42 crore a year ago.
Kotak Mahindra Capital Company, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets and BOB Capital Markets are the book-running lead managers to the offer.The equity shares are proposed to be listed on BSE and NSE.
According to the draft red herring prospectus (DRHP), the proposed IPO is a combination of fresh issue of equity shares worth up to Rs 5,500 crore and offer for sale (OFS) of up to 9.52 crore equity shares by promoters and investors.
The Bengaluru-based company, which had filed preliminary IPO papers with SEBI in December 2023, has now received approval to float a public issue, he said.
According to the draft papers, the proceeds from the fresh issue will be used for capital expenditure to be incurred by subsidiary OCT for the Ola Gigafactory project, repayment of debt by subsidiary OET, investment in research and product development, expenditure for organic growth initiatives . and general corporate purposes.
Ola Electric manufactures EVs and core EV components, such as battery packs and motors, at the Ola FutureFactory – manufacturing facility in Krishnagiri.The company is in the process of building an EV hub in Krishnagiri and Dharmapuri districts of Tamil Nadu, comprising the Ola FutureFactory, the upcoming Ola Gigafactory and co-located suppliers in Krishnagiri district.
It introduced its first EV model 'S1 Pro' in August 2021 and currently has a portfolio of 5 scooter models.
Within nine months of Ola Electric introducing its first EV scooter, it has become the best-selling e2W player in India based on e2W registrations listed on the vehicle portal of the Ministry of Road Transport and Highways.
For fiscal 2023, its revenue from operations grew more than seven times to Rs 2,630.93 crore from Rs 373.42 crore a year ago.
Kotak Mahindra Capital Company, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets and BOB Capital Markets are the book-running lead managers to the offer.The equity shares are proposed to be listed on BSE and NSE.
