Ready For The Market: Ola Electric Now A Public Limited Company Ahead Of IPO

India’s leading electric vehicle (EV) manufacturer, Ola Electric, has transitioned to a public limited company, Ola Electric Mobility Limited, ahead of its much anticipated initial public offering (IPO).

What Happened: The company’s decision to transition from a private limited company to a public one was revealed through regulatory filings. This shift is a mandatory requirement for any firm intending to list on the stock exchange.

It comes on the heels of Ola Electric successfully raising ₹3,200 crore in funding. The investment, led by Temasek and supplemented by project debt from the State Bank of India, will be channelized towards expanding Ola’s EV business. Furthermore, the funds will be utilized to establish India’s maiden lithium-ion cell manufacturing unit in Krishnagiri, Tamil Nadu.

See Also: SBI Life And HDFC Life Lead Gains As Insurance, Healthcare Stocks Shine To End Week

Ola Electric, enjoying a market share of nearly 35%, is the only Indian EV company hand-picked by the government under its cell PLI scheme. The firm is setting its sights on constructing a unique lithium-ion cell manufacturing facility in India. The proposed facility will boast an initial capacity of 5 GWh in phase I, expected to be ramped up to 100 GWh upon full capacity.

Read Next: Adani Power Loses 3% In A Week When Most Group Stocks Saw Minor Dips

Engineered by Benzinga Neuro, Edited by Utkarsh Roshan

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: NewsIPOsOlaOla Electric