According to sources in the know, Bhavish Aggarwal-led Ola Electric will launch the anchor book for its much-anticipated IPO on August 1, and the public issue is likely to open between August 2 and August 6. Listing is likely by August 9, which may make Ola Electric the first Indian EV two wheeler company to list on Dalal Street.
The IPO is most likely to mobilise close to $740 mn through a mix of fresh issuance and offer for sale, thereby valuing the post money valuation at $4-4.25 bn. Ola Electric, rival to companies like TVS Motors, Bajaj Auto, and Ather Energy, had submitted its DRHP with SEBI on 22nd December 2023.
The DRHP says that OFS includes 95.19 million shares of existing shareholders, while founder Bhavish Aggarwal will offload 47.3 million shares. Other investors that would offload their stake in IPO include AlphaWave, Alpine, DIG Investment, Matrix, and others that would sell 47.89 million shares. Proceeds from the IPO would be used for capital expenditure, repayment of debt, and research and development.
Ola Electric has abstained from commenting on the details of the IPO. This is big for the Indian EV market, underlining the rising interest in sustainable and innovative ways to move around.
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Source: Moneycontrol
News Desk
