News Post

Ola Electric to launch IPO on August 2

Entrackr · 1m

Electric mobility company Ola Electric disclosed that it will launch the anchor book for its initial public offering on August 1 while the issue will be opened to the public on August 2 and will get closed on August 6. Last month, Ola Electric received SEBI’s nod for its IPO after filing the DRHP to raise Rs 5,500 crore ($660 million) via fresh issue of shares and an offer for sale of upto 84,941,997 shares. The Bhavish Aggarwal-led company was valued at $5.5 billion during its last equity round in October last year. However, media reports suggested that the firm will seek a valuation of $4.2-4.4 billion in the IPO. Ola Electric has raised more than $1 billion across equity and debt capital from the likes of SoftBank, Temasek, Blue Investments, DIG Investments, Tiger Global, and State Bank of India (SBI), among others. For the fiscal year ended in March 2024, Ola Electric registered Rs 5,009.8 crore in revenue from operations with a net loss of Rs 1,584.4 crore. In FY23, its revenue and losses stood at Rs 2,631 crore and Rs 1,472 crore, respectively. Ola Electric stood at top among electric two-wheeler companies with sales of 36,716 units, controlling a market share of 44% in June. TVS, Bajaj and Ather Energy were next on the list, as per Vahan’s data. According to a Reuters report, Ola Electric has dropped down its electric car project and it will focus only on electric scooters and motorcycles. Besides Ola Electric, SEBI has approved IPO applications of two more SoftBank-backed companies i.e. FirstCry and Unicommerce. In the past three years, a clutch of SoftBank-funded companies such as Paytm, Delhivery, Policybazaar, and Zomato got listed on the bourses.