Ola Electric IPO: The dates of Ola Electric’s IPO have finally been announced. Retail investors will be able to invest in Ola Electric’s IPO from August 2 to August 6. Ola has decided to bring the IPO at a low valuation so that maximum number of investors can participate in it. Ola is going to be the country’s first electric vehicle company to bring an IPO. This is also going to be the country’s first IPO in the auto sector after Maruti.
IPO will be of Rs 6000 crore
Ola Electric informed the stock exchange about this decision on Saturday. The anchor book of the IPO will open on August 1. The IPO can be listed on August 9. Through this, SoftBank-backed Ola Electric is trying to achieve a valuation of around $4.5 billion. During funding last year, the company’s valuation was estimated at $5.4 billion. This IPO will be worth around Rs 6000 crore. It will have a fresh issue as well as an offer for sale.
Bhavish Aggarwal will sell 3.79 crore shares
According to the information given by the company, through this IPO, Ola Electric CEO Bhavish Aggarwal will sell 3.79 crore shares. This figure is about 20 percent less than the IPO document submitted by the company to SEBI. Apart from this, many big shareholders will also sell their stake in it. Ola is trying to get more investors to join them. It is also being considered as the biggest IPO of the year 2024. Its fresh share issue size will be Rs 5500 crore.
IPO was approved on 20 June
Ola Electric is facing tough competition from Ather Energy, Bajaj and TVS Motor Company. The company had submitted IPO documents (DRHP) with market regulator SEBI on December 22, 2023. SEBI had approved the IPO on June 20. 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 loans, Rs 1600 crore on research and development and Rs 350 crore on the company’s future plans.
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