The initial public offering (IPO) of Ola Electric will open on August 2, making it the first all-electric two-wheeler brand in India to go public. Shares will initially be offered in the price band of Rs 72 to Rs 76, with each share bearing a face value of Rs 10. Investors can bid for a minimum of 195 equity shares. The IPO will be closed on August 6. Ola’s shares will be listed on the BSE and NSE. The company plans to offer 8,49,41,997 shares with an aggregate value of Rs 5500 crore for sale on the exchange. After Ola Electric’s IPO, Ather Energy is also set to go public sometime later this year.
Also Read: Ola Electric Files Draft Prospectus For IPO; Targets Raising Up To Rs 5,500 Crore
Ola Electric filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in December of 2023. The electric vehicle manufacturer also changed its name from Ola Electric Mobility Private Limited to Ola Electric Mobility Limited to reflect the company’s status from a private company into a public company, a mandatory step for any firm if it wants to list itself on the stock exchange.
Also Read: Ola Electric Changes Its Name Ahead Of IPO Filing
The proceeds from the issue will be used by Ola to fund its various capital expenses. Rs 1227.6 crore will be used for capital expenditure incurred by the company. Rs 800 crore will be used for the repayment of the debts incurred by the company. Rs 1600 crore will be used for research and development purposes, while Rs 3,500 crore will be used for growth initiatives and corporate purposes.
