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Grapevine: I Squared plans an exit; Ola Electric IPO likely in August

VCCircle

VCCircle · 1y ago

Grapevine: I Squared plans an exit; Ola Electric IPO likely in August

Private equity firm I Squared Capital and Abu Dhabi Investment Authority (ADIA) are reportedly planning to sell a stake worth $400 million in Cube Highways Trust, an infrastructure investment trust. They have hired JP Morgan and Axis Capital to facilitate the transaction. In other news, Ola Electric, a subsidiary of ride-hailing company Ola, is expected to go public with an initial public offering (IPO) in August, with plans to launch their flagship S1 electric scooter in the Indian market.

Related News

Ola Electric to invest $100 million in gigafactory

Economic Times

Economic Times · 1y ago

Ola Electric to invest $100 million in gigafactory

Ola Electric, an IPO-bound company, plans to invest $100 million in building its gigafactory for lithium-ion battery cells. The investment will be used for the initial phase of setting up 1.5 GWh of cell manufacturing capacity. Ola Electric aims to have its own battery cells in its electric scooters by next year, with plans to expand capacity to 5 GWh. The company recently received certification for the battery cells and is also working on solid-state batteries. Ola Electric will likely supply cells to other electric two-wheeler makers and renewable energy firms.

Ola Group Executive Amit Anchal buys luxury villa in Bengaluru. Details here | Mint

Livemint

Livemint · 1y ago

Ola Group Executive Amit Anchal buys luxury villa in Bengaluru. Details here | Mint

Amit Anchal, an executive of Ola Group, has purchased a luxury villa in Bengaluru for ₹13.5 crore. The property, located in Adarsh Palm Retreat Villas, features an 80,000-square-foot clubhouse with various amenities. Anchal, who is currently a strategic consultant for Ola, has previously held positions overseeing strategy and corporate finance for both Ola and Ola Electric. In other news, Ola Electric Mobility's IPO has opened for subscription with a price range of ₹72-76 per share. The IPO will be available for investors until August 5. Ola Electric is one of India's first fully electric vehicle companies to go public.

Ola’s House Of Unicorns

Inc42 · 1y ago

Ola’s House Of Unicorns

Bhavish Aggarwal, the founder of Ola, is set to take Ola Electric public, marking the first IPO in a series expected to come from the Ola group. After the listing, Ola Electric will become the first auto sector company in two decades to be listed on the exchanges. Aggarwal's attention will likely shift to Ola, Krutrim, and the company's new verticals following the IPO.

Ola electric’s IPO: Boosting India’s EV ambitions

Inshorts · 1y ago

Ola electric’s IPO: Boosting India’s EV ambitions

Ola Electric, aiming to create a comprehensive electric two-wheeler ecosystem, is advancing towards its goal with an IPO that opened on August 2. The company received 35% of bids on the first day and plans to raise approximately Rs 6,145.56Cr. This milestone is expected to bolster Ola's position as a leader in India's EV revolution and benefit the entire industry.

IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

Inc42 · 1y ago

IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

Ola Electric, the electric mobility startup led by Bhavish Aggarwal, reported an increase in net loss for the financial year 2023-24. The company's net loss widened by 7.6% to INR 1,584.4 crore from the previous year. However, Ola Electric's operating revenue surged over 90% to INR 5,009.8 crore during the same period, driven by a substantial growth in vehicle sales. Ola Electric's initial public offering (IPO) is set to open for retail subscriptions from August 2 to August 6.

SoftBank-backed Ola Electric suspends car project to focus on scooters, bikes

Economic Times

Economic Times · 1y ago

SoftBank-backed Ola Electric suspends car project to focus on scooters, bikes

Ola Electric, backed by Softbank, has halted its plans to launch electric cars in order to prioritize its e-scooter business. The suspension comes as the company prepares for its IPO in August, where it aims to raise about $660 million. The decision reflects the challenges of the nascent electric car market in India, particularly the lack of charging infrastructure. Instead, Ola Electric will focus on the rapidly growing e-scooter market, where it currently holds a 46% market share. The company has plans to manufacture 1 million electric cars annually in the future.

Ola Electric files draft IPO papers, looks to raise Rs 5,500 crore via fresh share sale

Economic Times

Economic Times · 1y ago

Ola Electric files draft IPO papers, looks to raise Rs 5,500 crore via fresh share sale

Ola Electric, the electric vehicle arm of ride-hailing giant Ola, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO aims to raise funds to support the expansion of Ola Electric's EV fleet and infrastructure. Ola Electric is one of the leading players in the Indian EV market and plans to launch a range of electric vehicles, including electric two-wheelers, three-wheelers, and four-wheelers.

Investors rush to find anchor in Ola Electric IPO; local, foreign cos sign up for likely $350m book

Economic Times

Economic Times · 1y ago

Investors rush to find anchor in Ola Electric IPO; local, foreign cos sign up for likely $350m book

The upcoming IPO of Ola Electric Mobility has attracted interest from both domestic and international investors, as the company's valuation approaches $4 billion. The IPO is set to open on August 2, with anchor investors such as SBI AMC, HDFC AMC, and international institutions like Fidelity and Nomura bidding around $200-100 million each. This IPO marks the first fundraising initiative by an automaker in over 20 years. Ola Electric's CEO, Bhavish Aggarwal, will participate in the offer for sale, reducing his stake in the company. The anchor book is expected to open on August 1, with listing anticipated on August 9.

Ola Electric IPO opens. Should you subscribe to the biggest issue this year?

Economic Times

Economic Times · 1y ago

Ola Electric IPO opens. Should you subscribe to the biggest issue this year?

The IPO of Ola Electric, which includes a fresh equity sale of Rs 5,500 crore and an offer for sale of 8.4 crore shares, has opened for subscription. The issue will close on August 6. Founder Bhavish Aggarwal and other investors will be selling their shares in the IPO. Ola Electric is a prominent electric two-wheeler player in India and has raised over Rs 2,700 crore from anchor investors. Analysts are optimistic about the IPO and recommend subscribing to it with a long-term perspective. The IPO is priced in the range of Rs 72-76 per share. Ola Electric's revenue has shown growth, but the company's losses have also increased.

Ola Cabs is a profitable business now: Co-founder Bhavish

BQ Prime

BQ Prime · 2y ago

Ola Cabs is a profitable business now: Co-founder Bhavish

Bhavish Aggarwal, Co-founder of Ola Cabs, expressed that the ride-hailing company has become a profitable venture. He also mentioned that Ola Electric, the electric vehicle division, is likely to go public earlier than initially anticipated. Aggarwal originally estimated it would take four to six years of revenue before considering an IPO, but now he believes it will happen sooner than expected.

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