India's leading electric two-wheeler manufacturer - Ola Electric Mobility Ltd, is set to launch its Initial Public Offering (IPO), the company said in a statement on Saturday. The issue is likely to be open for public subscription from August 2 to August 6, 2024.
Ola Electric, poised to become India's first electric two-wheeler manufacturer to set foot on the stock exchanges, is likely to be listed on August 9, 2024. According to a report by NDTV Profit, investors of Ola Electric Mobility Ltd., led by Founder promoter Bhavish Aggarwal, will offload less stock than previously planned in the Aug. 2-6 initial public offering. The IPO of the maker of India's best-selling electric scooters includes an offer-for-sale by existing investors to offload about 8.5 crore shares, according to the red-herring prospectus released on Saturday, which is less than 9.5 crore shares earlier declared in the draft red-herring prospectus.
According to sales reports, the Bengaluru-based firm enjoys over 50 per cent market share of the electric 2-wheeler market in the financial year 2024-25. Ola Electric's FutureFactory located in Krishnagiri, Tamil Nadu can scale up to manufacturing one million units of e-scooter annually. The factory can also assemble cell components, motor and controller units.
Also Read - Ola Electric IPO: Bhavish Aggarwal To Offload Less Stock Than Previously Planned
The draft red herring prospectus (DRHP) was filed by Ola Electric with the market regulator Sebi on December 22, 2023. The company plans to raise Rs 5,500 Crore through the IPO. The amount raised will be utilised for capex, repaying debt and research and development (R&D), according to DRHP.
Kotak Mahindra Capital Company Limited, BofA Securities India Limited, Axis Capital Limited, SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited and BOB Capital Markets Limited are the BRMLs or investment banks working on the deal.