Ola Electric gets approval from SEBI for the IPO. The company filed its DRHP papers on 22 December 2023 for the first time. It becomes the first electric vehicle company in India to file for an IPO. The company will raise Rs. 7,250 Crores in the IPO. It will come from the public issue of both OFS and fresh equity shares. The company will be looking forward to improving quality and bringing technological advancements.
Ola Electric IPO receives a nod from SEBI for its IPO worth Rs. 7,250 Crores. The company successfully filed its IPO and got approval. They have not yet announced the exact date for the opening of the IPO. However, they will announce the date soon. The company will have a fresh issue of Rs. 5,500 Crores. While the offer for sale will be Rs. 1,750 Crores. According to the details, the company asked the OFS from shareholders for 95.19 million shares.
The company also plans to change the IPO issue size by re-IPO placement. In this case, the company might make a re-IPO pavement for Rs, 1,100 Crores worth of shares. Thus, the size can be reduced. Ola Electric already divided its use case of the money. The company will use around Rs. 1,226 Crores for capex. While it will spend around Rs. 800 crores for the debt repayment. The company is going to send the majority on the R&D. The research and development will help the company bring more innovations to its ideas.
Ola Electric has a consolidated revenue of Rs. 2,782 crores. While the company has increased its revenue. Apart from that, the total income of the country is Rs. 1,272 Crores in the first quarter of 2023-24 with a new North of Rs. 2,111 crores. Ola Electric is bringing revolution to the industry. The two-wheeler electric vehicles have Ola in the majority. Several users prefer their two-wheelers. However, the Ola Electric was in rumours a few years ago when their vehicles caught fire.
Ola Electric is using its first mover advantage and is now the first company to enter the share market. Several investors are eager to buy Ola Electric’s shares as the company is working on a futuristic project to make India go electric. It is assisting in India’s mission to make the country electric vehicle-oriented by 2030. Autos were the most used segment in EVs a few years ago. However, people are now preferring electric. Green number plate vehicles denoting electric vehicles are common in the surroundings now.