26 June 2024
Market regulator Securities and Exchange Board of India (SEBI) approved the initial public offering (IPO) of electric two-wheeler maker Ola Electric on Thursday, June 20.
As per the draft red herring prospectus (DRHP) filed in December 2023, the Bengaluru-based company intends to raise ₹5,500 crore through fresh issuance of shares and an offer for sale (OFS) component of 9.52 crore shares.
Under the OFS, Ola Electric CEO Bhavish Aggarwal will divest 47 million shares. Indus Trust, Alpine Opportunity Fund, Kaha Wave Ventures, MacRitchie Investments, Tekne Private Ventures XV, DIG Investment Internet Fund, SVF II Ostrich and Matrix Partners India Investments will also offload their stakes, the DRHP stated.
The funds generated from the issue will be used to repay loans by its subsidiaries to Bank of Baroda and Axis Bank, expand its electric vehicle (EV) portfolio, and expand the capacity of its EV gigafactory.
Market regulator Securities and Exchange Board of India (SEBI) approved the initial public offering (IPO) of electric two-wheeler maker Ola Electric on Thursday, June 20.
As per the draft red herring prospectus (DRHP) filed in December 2023, the Bengaluru-based company intends to raise ₹5,500 crore through fresh issuance of shares and an offer for sale (OFS) component of 9.52 crore shares.
Under the OFS, Ola Electric CEO Bhavish Aggarwal will divest 47 million shares. Indus Trust, Alpine Opportunity Fund, Kaha Wave Ventures, MacRitchie Investments, Tekne Private Ventures XV, DIG Investment Internet Fund, SVF II Ostrich and Matrix Partners India Investments will also offload their stakes, the DRHP stated.
The funds generated from the issue will be used to repay loans by its subsidiaries to Bank of Baroda and Axis Bank, expand its electric vehicle (EV) portfolio, and expand the capacity of its EV gigafactory.
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