+
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.

Next Story
Infrastructure Transport

Audit Begins on Srisailam Bridge Amid Structural Safety Concerns

An audit of the Srisailam road bridge—an over 50-year-old structure spanning the Krishna River between Andhra Pradesh and Telangana—has commenced amid growing concerns over its structural integrity.Authorities from the Roads & Buildings (R&B) Department and the National Highways Authority of India (NHAI) conducted a detailed inspection over the weekend following reports of significant vibrations when heavy vehicles traverse the bridge. Engineering teams carried out load tests, including the movement of a tipper truck across the span with varying weights, to monitor the bridge’s r..

Next Story
Infrastructure Urban

SC permits felling of 95 trees for road project near Aarey

The Supreme Court has permitted the felling of 95 trees for the Goregaon-Mulund Link Road (GMLR) project in Mumbai’s Film City area, located near the Aarey forest belt. However, the Court clarified that no trees may be cut without its explicit permission.A bench headed by Chief Justice of India D Y Chandrachud and Justice K Vinod Chandran heard the Bombay Municipal Corporation’s (BMC) plea seeking approval to proceed with the initial phase of tree removal. The request followed a previous Supreme Court order dated January 10, which barred the BMC’s Tree Authority from cutting trees in Aar..

Next Story
Infrastructure Transport

Bengaluru Tunnel Road DPR Reduces Tunnelling Timeline to 24 Months

Officials from Bengaluru Smart Infrastructure (B-SMILE) claim the reduced timeline is achievable through the deployment of advanced TBMs, each capable of boring a minimum of 200 metres per month—more than double the previous estimate. The overall project duration has also been reduced from 61 months to 50 months in the final DPR.“We initially considered six TBMs with a cutting speed of 90 metres per month, but that made the process too lengthy,” said B S Prahallad, Director, B-SMILE. “Switching to eight high-speed machines allows us to complete 32 km of tunnelling in two years under op..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?