The electric mobility company Ola Electric revealed that the issue will open to the public on August 2 and close on August 6, with the anchor book for the offering scheduled to launch on August 1.
Ola Electric filed the DRHP to raise Rs 5,500 crore ($660 million) through a fresh share issue and an offer to sell up to 84,941,997 shares, and last month SEBI approved the company’s IPO.
The company headed by Bhavish Aggarwal was valued at $5.5 billion in October of last year during its most recent equity round. Nonetheless, rumors in the media indicated that the company plans to aim for an IPO valuation between $4.2 and $4.4 billion.
SoftBank, Temasek, Blue Investments, DIG Investments, Tiger Global, and State Bank of India (SBI), among others, have contributed more than $1 billion in debt and equity capital to Ola Electric.
Ola Electric reported Rs 5,009.8 crore in operating revenue and a net loss of Rs 1,584.4 crore for the fiscal year that concluded in March 2024. Its income and expenses for FY23 were Rs 2,631 crore and Rs 1,472 crore, respectively.
With sales of 36,716 units and a 44% market share in June, Ola Electric was the leading company in the electric two-wheeler industry. Based on Vahan’s data, the next companies on the list were TVS, Bajaj, and Ather Energy.
Ola Electric has reportedly abandoned its electric car project and will now only concentrate on producing electric motorcycles and scooters, according to a Reuters story.
In addition to Ola Electric, FirstCry and Unicommerce, two more SoftBank-backed businesses, have had their IPO applications approved by SEBI. Many SoftBank-funded businesses, including Paytm, Delhivery, Policybazaar, and Zomato, have gone public on the stock exchanges in the last three years.
