Ola Electric receives Sebi nod to release IPO
ECONOMY & POLICY

Ola Electric receives Sebi nod to release IPO

Ola Electric, a Bengaluru-based electric two-wheeler company, has received clearance from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), the first by an automaker in over 20 years, sources said. The IPO, filed in December 2023, includes a fresh issue of equity shares up to Rs 55 billion and an offer for sale (OFS) of 95.2 million equity shares by promoters and investors, according to the draft red herring prospectus (DRHP).

The proceeds from the fresh issue will fund capital expenditures for the Ola Gigafactory project, debt repayment by subsidiary OET, investments in research and product development, organic growth initiatives, and general corporate purposes. Ola Electric manufactures EVs and core components like battery packs and motors at its Ola Futurefactory in Krishnagiri and is developing an EV hub in Tamil Nadu.

The company introduced its first EV model, the 'S1 Pro', in August 2021 and now has a portfolio of five scooter models. Within nine months of launching its first scooter, Ola Electric became the best-selling electric two-wheeler (E2W) player in India based on VAHAN Portal registrations. For the fiscal year 2023, the company's revenue surged over sevenfold to Rs 26.30 billion from Rs 3.73 billion the previous year.

Kotak Mahindra Capital Company, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets, and BOB Capital Markets are the book-running lead managers for the offer. The equity shares will be listed on the BSE and NSE.

Ola Electric, a Bengaluru-based electric two-wheeler company, has received clearance from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), the first by an automaker in over 20 years, sources said. The IPO, filed in December 2023, includes a fresh issue of equity shares up to Rs 55 billion and an offer for sale (OFS) of 95.2 million equity shares by promoters and investors, according to the draft red herring prospectus (DRHP). The proceeds from the fresh issue will fund capital expenditures for the Ola Gigafactory project, debt repayment by subsidiary OET, investments in research and product development, organic growth initiatives, and general corporate purposes. Ola Electric manufactures EVs and core components like battery packs and motors at its Ola Futurefactory in Krishnagiri and is developing an EV hub in Tamil Nadu. The company introduced its first EV model, the 'S1 Pro', in August 2021 and now has a portfolio of five scooter models. Within nine months of launching its first scooter, Ola Electric became the best-selling electric two-wheeler (E2W) player in India based on VAHAN Portal registrations. For the fiscal year 2023, the company's revenue surged over sevenfold to Rs 26.30 billion from Rs 3.73 billion the previous year. Kotak Mahindra Capital Company, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets, and BOB Capital Markets are the book-running lead managers for the offer. The equity shares will be listed on the BSE and NSE.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code