Home News Ola Electric Set to Launch IPO on August 2

Ola Electric Set to Launch IPO on August 2

0

Ola Electric, a leading player in the electric mobility sector, has announced that it will initiate the anchor book for its initial public offering (IPO) on August 1, with the issue opening to the public on August 2 and closing on August 6.

Last month, the company received approval from the Securities and Exchange Board of India (SEBI) for its IPO after filing the Draft Red Herring Prospectus (DRHP) to raise Rs 5,500 crore ($660 million) through a fresh issue of shares and an offer for sale of up to 84,941,997 shares.

Despite being valued at $5.5 billion during its last equity round in October last year, media reports indicate that Ola Electric is aiming for a valuation of $4.2-4.4 billion for its IPO. The Bhavish Aggarwal-led company has secured over $1 billion in equity and debt capital from prominent investors such as SoftBank, Temasek, Blue Investments, DIG Investments, Tiger Global, and the State Bank of India (SBI).

In the fiscal year ending March 2024, Ola Electric reported revenue of Rs 5,009.8 crore with a net loss of Rs 1,584.4 crore. The previous fiscal year saw revenue and losses at Rs 2,631 crore and Rs 1,472 crore, respectively.

Ola Electric holds a dominant position in the electric two-wheeler market, selling 36,716 units and capturing a 44% market share in June. Competitors like TVS, Bajaj, and Ather Energy followed, according to data from Vahan.

According to a Reuters report, Ola Electric has decided to halt its electric car project to focus exclusively on electric scooters and motorcycles.

In addition to Ola Electric, SEBI has also approved IPO applications for two other SoftBank-backed companies: FirstCry and Unicommerce. Over the past three years, several SoftBank-funded companies, including Paytm, Delhivery, Policybazaar, and Zomato, have successfully listed on the stock market.

NO COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exit mobile version