Ride-hailing giant Ola's electric vehicle arm, Ola Electric, has filed draft papers with India's market regulator for an initial public offering (IPO) with a targeted fundraising of ₹5,500 crore.
Ola Electric
{{^htLoading}} {{/htLoading}}
The planned IPO will comprise an issue of fresh shares, while CEO Bhavish Aggarwal will sell up to 4.74 crore shares, as outlined in the draft red herring prospectus (DRHP) with Securities and Exchange Board of India.
The funds generated from the fresh issue will be allocated to various purposes, including capital expenditure for the Ola Gigafactory project by the subsidiary, OCT, debt repayment by subsidiary OET, investment in research and product development, expenses related to organic growth initiatives, and general corporate purposes.
Ola Electric commands a significant presence in India's electric two-wheeler sector, boasting a 32 per cent market share and facing competition from industry players like TVS Motor, Bajaj Auto, and Ather Energy, as per data from the Society Of Manufacturers Of Electric Vehicles.
{{^htLoading}} {{/htLoading}}
{{^usCountry}}
Despite its dominance, the battery scooter manufacturer has adjusted its sales targets for 2023-2025, reducing them by more than half and postponing its profit target by a year.
{{/usCountry}}
{{#usCountry}}
Despite its dominance, the battery scooter manufacturer has adjusted its sales targets for 2023-2025, reducing them by more than half and postponing its profit target by a year.
{{/usCountry}}
Ola Electric's IPO coincides with a surge in IPO activity in India, with a record 213 IPOs this year, including those from Tata Technologies and JSW Infrastructure, amid soaring benchmark indexes.
Kotak Mahindra Capital Company, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets, and BOB Capital Markets are the book-running lead managers to the offer. The equity shares are proposed to be listed on the BSE and NSE.
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Home/Business/Ola Electric files draft papers with SEBI to raise ₹5,500 crore via IPO
{{^htLoading}}
Advertisement
{{/htLoading}}
SHARE THIS ARTICLE ON
{{#usCountry}}{{/usCountry}}
Hindustantimes wants to start sending you push notifications. Click allow to subscribe
