Ola Electric seeks to raise ₹5,500 crore through an IPO, files draft papers with SEBI.
New Delhi: Ride-hailing giant Ola’s electric vehicle subsidiary, Ola Electric, has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO) with the aim of raising ₹5,500 crore. Ola Electric’s CEO Bhavish Aggarwal intends to sell up to 4.74 crore shares as part of the IPO. The proposed funds raised through the IPO will be utilized for various purposes, including capital expenditure for the subsidiary OCT’s Ola Gigafactory project, debt repayment by subsidiary OET, research and product development investments, expenses related to organic growth initiatives, and general corporate needs.
With a significant presence in India’s electric two-wheeler sector, Ola Electric currently commands a 32% market share but faces competition from industry players such as TVS Motor, Bajaj Auto, and Ather Energy, according to data from the Society Of Manufacturers Of Electric Vehicles. However, Ola Electric has adjusted its sales targets for the period of 2023-2025, reducing them by more than half and delaying the achievement of its profit target by one year.
Ola Electric’s IPO comes at a time of heightened IPO activity in India, with a record-breaking 213 IPOs taking place this year, including offerings from Tata Technologies and JSW Infrastructure, amidst rising benchmark indexes.
Leading book-running managers for the IPO include 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. The proposed listing of equity shares is intended on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Overall, Ola Electric’s IPO announcement aligns with the current surge in IPOs within India, showcasing its aspirations for a substantial fundraising.
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