The top e-scooter maker Ola Electric is all set to open its first initial public offering (IPO) in India worth Rs 5,500 crore. The launch date has been set for August 2.
Interested anchor investors will be able to start bidding for a day on August 1. It has been reported that the Bangalore-based startup aims to raise around Rs 5,500 crore through the upcoming offering and an offer-for-sale (OFS) component of 95.2 million shares.
Future Plans
The company is reportedly to invest all the profit raised by IPO in its cell production plant, making it from 5 GWh to 6.4 GWh. A slight proceed will be used to repay loans, while the remaining profit will be invested in its research and product development.
Statement by Top Official
As per the details shared by the Business Standard, the company in its RHP said, “We undertake R&D activities in India, the UK, and the US focused on designing and developing new EV products and core EV components, such as battery packs, motors, and vehicle frames. In addition, we operate a BIC in Bengaluru, India, focused on developing cell technology and manufacturing processes for our forthcoming cell manufacturing operations at the Ola Gigafactory.”
Sale in FY24
Meanwhile, Ola Electric reported its revenue from the operations of Rs 5,009.8 crore for FY24. The figure is doubled compared to the revenue reported in FY23.
Ola Electric has reported a market share expansion by 50 per cent in April. It has sold over 33,934 electric two-wheelers in the month. This comes at a time when the company saw a major drop in the total sale of electric two-wheelers from the previous month.
