Ola Electric Mobility Limited, a leading player in the electric vehicle market, has announced its Initial Public Offering (IPO) to raise up to ₹5,500 Crore.
The IPO consists of a fresh issue of equity shares aggregating up to ₹5,500 Crore and an offer for sale of up to 8,49,41,997 equity shares.
The proceeds from the fresh issue are planned to be utilized for various purposes, including:
- Funding capital expenditure for capacity expansion and development of new products.
- Repayment and prepayment of certain borrowings.
- General corporate purposes.
The company, headquartered in Bengaluru, has set the bidding period for the IPO from August 2, 2024, to August 6, 2024.
The equity shares will be listed on both BSE Limited (BSE) and National Stock Exchange of India Limited (NSE), with NSE being the designated stock exchange for the offer.
Bhavish Aggarwal, the promoter of Ola Electric, along with other key shareholders including Indus Trust, Alpha Wave Ventures II, LP, Alpine Opportunity Fund VI, L.P., Internet Fund III Pte Ltd, and others, will be offering shares in this sale.
Ola Electric, which started as a subsidiary of ride-hailing giant Ola Cabs, has rapidly grown in the electric vehicle sector.
The company aims to leverage the IPO proceeds to accelerate its growth and expansion plans, particularly in the context of increasing demand for sustainable and eco-friendly transportation solutions in India and globally.
The price band and the minimum bid lot for the offer will be decided in consultation with the book running lead managers (BRLMs) and will be advertised in major newspapers.
The BRLMs for the offer include Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, SBI Capital Markets Limited, and BOB Capital Markets Limited.
Link Intime India Private Limited is acting as the registrar to the offer.
