Ola Electric Secures Sebi Approval For Landmark IPO: Report

Ola Electric’s draft IPO papers reveal that CEO Bhavish Aggarwal plans to sell up to 47.4 million shares, representing around a 1.3% stake, through the upcoming public offering. Key investors including SoftBank Vision Fund, Tiger Global, Alpha Wave Global, Matrix Partners India, and Temasek will also offload shares.
Ola Electric IPO

Ola Electric IPO (Image Source: iStockphoto)

Ola Electric has received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), which would mark the first such move by an electric vehicle startup in the country, according to The Economic Times report. Sebi is anticipated to formally announce the approval in the coming days.
Ola Electric had submitted its draft red herring prospectus (DRHP) to Sebi on December 22, proposing to raise up to Rs 5,500 crore through a fresh issue, in addition to an offer-for-sale (OFS) component comprising 95.2 million shares.
Ola Electric’s draft IPO papers reveal that CEO Bhavish Aggarwal plans to sell up to 47.4 million shares, representing around a 1.3% stake, through the upcoming public offering. Key investors including SoftBank Vision Fund, Tiger Global, Alpha Wave Global, Matrix Partners India, and Temasek will also offload shares.
At a valuation of $6 billion, Aggarwal stands to gain approximately $78 million from the sale. The IPO proceeds will be strategically allocated: Rs 1,226 crore will expand capacity at Ola's Gigafactory cell manufacturing plant from 5 GWh to 6.4 GWh. Additionally, Rs 1,405 crore will repay loans taken by subsidiary Ola Electric Technology (OET) from Bank of Baroda, Axis Bank, and Yes Bank. Furthermore, Rs 1,600 crore will be invested in research and product development.
Financially, Ola Electric reported a net loss of Rs 1,472 crore for FY23 on operating revenue of Rs 2,631 crore. For the first quarter of FY24, the company posted a net loss of Rs 267 crore on operating revenue of Rs 1,243 crore.
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