Bhavish Aggarwal: Ola Electric’s IPO was eagerly awaited for a long time. Now the date of the IPO of this company led by Bhavish Aggarwal has come out. According to sources, the anchor book of Ola Electric’s IPO will open on August 1. Also, the subscription of this issue will be open from August 2 to August 6. The SoftBank-backed company is trying to achieve a valuation of around $ 4.5 billion through this IPO. The IPO may be listed on August 9.
It will become the country’s first listed electric vehicle company
After the successful completion of this IPO, Ola will become the country’s first electric vehicle company listed on the stock market. Based on sources, a Business Standard report has claimed that this IPO will be worth around Rs 6000 crore. It will have a fresh issue as well as an offer for sale. In the last funding round, the company’s valuation was estimated at $5.5 billion. However, the IPO is going to be listed at 18 percent lower valuation of $4.5 billion.
SEBI had given approval to bring IPO on 20 June
Ola Electric is facing tough competition from Ather Energy, Bajaj and TVS Motor Company. Ola Electric has not yet confirmed the dates of the IPO. The company had submitted the IPO documents (DRHP) to market regulator SEBI on December 22, 2023. SEBI had approved the IPO on June 20 this year. Through this IPO, Bhavish Aggarwal will launch about 4.7 crore shares in the market. Apart from this, many big shareholders will also sell their shares in it.
The money coming from IPO will be used for these works
According to the IPO document, out of the money raised, Rs 1,226 crore will be used on capital expenditure. Apart from this, Rs 800 crore will be spent on repaying the loan, Rs 1600 crore on research and development and Rs 350 crore on the company’s future plans. Ola Electric had received funding of about Rs 3200 crore last year. The company’s factory is located in Tamil Nadu.
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