Ola Electric's IPO opens on August 2; price band announced: Check out details and insights
Bengaluru: The initial public offering (IPO) of Ola Electric Mobility will open for subscription on August 2, with a price band set at Rs 72-76 per share. Investors are required to apply in lots of 195 equity shares or multiples thereof. The IPO, which will close on August 6, is expected to list the company's shares on both BSE and NSE on August 9. Here are the essential details:
1. Company Profile: Founded in 2017, Ola Electric Mobility specializes in manufacturing electric vehicles and key components.
2. IPO Details: The IPO includes a fresh share issue worth up to Rs 5,500 crore and an offer-for-sale (OFS) of up to 84,941,997 equity shares by promoters and existing shareholders.
3. OFS Participants: Promoter Bhavish Aggarwal, along with Indus Trust and other shareholders including Alpha Wave Ventures, Alpine Opportunities Fund, Internet Funds III, MacRitchie Investment, Matrix Partners India Investments, SFV II Ostrich (DE), Ashna Advisors, and Tekne Private Ventures XV, are participating in the OFS.
4. IPO Objectives: The net proceeds will be utilized for capital expenditure, expansion, debt repayment, research and development, and general corporate purposes.
5. Product Launches: Ola Electric has introduced seven new products and announced four more.
6. Financial Performance: For the fiscal year ending March 31, 2024, Ola Electric reported a net loss of Rs 1,584.40 crore and revenue of Rs 5,243.27 crore.
7. Employee Reservation: Shares worth Rs 5.5 crore are reserved for eligible employees, who will receive a Rs 7 per share discount.
8. IPO Allocation: 75% of the net offer is reserved for qualified institutional bidders, 15% for non-institutional investors, and 10% for retail investors.
9. Lead Managers: The IPO is being managed by Kotak Mahindra Capital, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BOB Capital Markets.
10. Registrar: Link Intime India is serving as the registrar for the issue.
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