Ola Electric Gets SEBI Nod To Launch 7,250 Crore Rupees IPO

Ola Electric IPO: The way has been cleared for the launch of Ola Electric's IPO. Stock market regulator SEBI has given approval to Ola Electric to launch an IPO. Ola Electric will be the first electric vehicle company in the country to launch its IPO. The company can raise Rs 7250 crore through IPO.

Ola Electric filed draft papers (DRHP) with SEBI on 22 December 2023 to bring IPO. The company will raise Rs 5500 crore in the IPO by issuing fresh shares while Rs 1750 crore will be raised under the Offer for Sale. Existing shareholders will sell their shares in the Offer for Sale of 95.19 shares. Ola Electric founder Bhavish Aggarwal will sell 47.3 lakh shares in the IPO. Apart from this, other investors including Alfavev, DIG Investment, Matrix will also sell shares in the Offer for Sale.

Ola Electric will become the first Indian EV company to bring its IPO. This will be the first time in 21 years that an automobile company will bring an IPO in India. Before this, the last time Maruti Suzuki (then Maruti Udyog) brought an IPO was in the year 2003. Ola Electric's IPO is going to be one of the most talked about IPOs of 2024.

Kotak, ICICI, Bank of America, Goldman Sachs, SBI Capital, Axis Capital are the investment banks for Ola Electric's IPO. Ola Electric has a market share of around 52 percent in the e-scooter segment. Ola Electric sells around 30,000 e-scooters every month. Ola Electric's focus is on affordable e-scooters whose retail price starts at $1080.

The company will spend the money raised through IPO on capital expenditure, debt repayment, research and development. There is a plan to spend Rs 1226 crore on capital expenditure, Rs 800 crore on debt repayment and Rs 1600 crore on research and development. While Rs 350 crore will be spent on inorganic growth.

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