The move marks the first IPO by an electric vehicle (EV) startup in the country.
According to the draft red herring prospectus, Ola Electric's public issue comprises a fresh issue of Rs 5,500 crore and an offer for sale (OFS) of 9.51 crore equity shares.
As part of the OFS, Agarwal will sell 4.7 crore equity shares, and the promoter group, Indus Trust, will sell 41.78 lakh shares.
In December 2023, the EV startup had filed draft IPO documents with SEBI to raise Rs 5,500 crore, which also included a pre-IPO placement of Rs 1,100 crore.
According to the draft papers, the proceeds of Rs 1,226.4 crore will be used for capital expenditure of its subsidiary, and Rs 800 crore will be used for loan repayment.
The DRHP mentioned that Rs 1,600 crore of the proceeds will be invested in research and product development, while another Rs 350 crore will be used for organic growth initiatives.
Meanwhile, Ola Electric has captured 49 per cent market share in the electric two-wheeler (2W) segment with 37,191 registrations (as per the government's vehicle portal) on its S1 scooter portfolio in May.
According to the draft red herring prospectus, Ola Electric's public issue comprises a fresh issue of Rs 5,500 crore and an offer for sale (OFS) of 9.51 crore equity shares.
As part of the OFS, Agarwal will sell 4.7 crore equity shares, and the promoter group, Indus Trust, will sell 41.78 lakh shares.
In December 2023, the EV startup had filed draft IPO documents with SEBI to raise Rs 5,500 crore, which also included a pre-IPO placement of Rs 1,100 crore.
According to the draft papers, the proceeds of Rs 1,226.4 crore will be used for capital expenditure of its subsidiary, and Rs 800 crore will be used for loan repayment.
The DRHP mentioned that Rs 1,600 crore of the proceeds will be invested in research and product development, while another Rs 350 crore will be used for organic growth initiatives.
Meanwhile, Ola Electric has captured 49 per cent market share in the electric two-wheeler (2W) segment with 37,191 registrations (as per the government's vehicle portal) on its S1 scooter portfolio in May.
