Ola Electric owned by Bhavish Aggarwal is preparing to launch the anchor book for its highly anticipated IPO on August 1, with the issue expected to open for public subscription between August 2 and August 6, Moneycontrol reported. As per the projected timeline, the firm will likely be listed on August 9, making it the first Indian EV two-wheeler to drive into Dalal Street.
On July 24, it was reported that Ola Electric plans to raise approximately $740 million through a combination of a new issuance and an offer for sale, with a post-money valuation of $4 billion to $4.25 billion. The company competes with TVS Motors, Bajaj Auto, and Ather Energy.
Additionally, Ola Electric has submitted its draft red herring prospectus (DRHP) to the market regulator SEBI on December 22, 2023. The investment banks involved in the sale include Kotak Mahindra Capital, Axis Capital, Goldman Sachs, ICICI Securities, Citi, BofA Securities, SBI Caps, and BoB Caps. The company counsel is Cyril Amarchand Mangaldas.
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According to the draft papers, existing owners were expected to sell 95.19 million shares in the OFS. Founder Bhavish Aggarwal will sell 47.3 million shares. According to the draft filing with the regulator, the firm’s founding investors—AlphaWave, Alpine, DIG Investment, Matrix, and others—will also sell 47.89 million shares through the OFS. Come from Sports betting site VPbet
Acxording to the DRHP, Ola Electric will use the profits for capital expenditure, debt repayment and research and development (R&D).