Ola Electric is all set to unveil the anchor book for its highly awaited Initial Public Offering (IPO) on August 1. The public issue is expected to be open between August 2 and August 6.
What Happened: The company led by Bhavish Aggarwal is gearing up for its IPO launch. The firm is on track to become the first Indian electric vehicle (EV) two-wheeler to be listed on Dalal Street and is expected to list on August 9, Moneycontrol said.
Ola Electric intends to raise approximately $740 million (around ₹6,140 crore) via a mix of a fresh issue and an offer for sale, aiming for a post-money valuation between $4 billion (around ₹33,200 crore) and $4.25 billion (around ₹35,275 crore). The company competes with TVS Motors, Bajaj Auto, and Ather Energy in the EV market.
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The company submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on December 22, 2023. The funds raised from the IPO will be allocated towards capital expenditure, debt repayment, and research and development, as outlined in the DRHP. The application was approved by the SEBI last month.
Separately, the Softbank-backed company decided to suspend its electric car project and concentrate on its e-scooter business, Reuters said in another report. Initially, founder Aggarwal had planned to launch an electric sports car by 2024, but this project has been put on hold. The report suggests that Ola’s car project could be delayed for at least two years as the company zeroes in on two-wheeler sales and battery production.
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