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regular-article-logo Sunday, 26 May 2024

Ola Electric files draft IPO papers with Securities and Exchange Board of India

The issue comprises a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 9.51 crore equity shares

Our Special Correspondent Mumbai Published 23.12.23, 11:10 AM
Representational image

Representational image File image

Ola Electric on Friday filed draft papers with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). It thus becomes the first pure EV player to come out with a public issue.

The issue comprises a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 9.51 crore equity shares.

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According to the draft red herring prospectus (DRHP), proceeds from the fresh issue will be used for capital expenditure to be incurred by subsidiary OCT for the Ola Gigafactory project, repayment or pre-payment, in full or part, of debt incurred by subsidiary OET, investment into research and product development, expenditure to be incurred for organic growth initiatives and general corporate purposes.

The leading EV player in the country is building vertically integrated technology and manufacturing capabilities for EVs and core EV components, including cells.

It makes EVs and core EV components such as battery packs and motors at Ola Futurefactory, its manufacturing facility at Tamil Nadu’s Krishnagiri. The company is in the process of building an EV hub in Krishnagiri and Dharmapuri districts in the state, which includes the Ola Futurefactory, the upcoming Ola Gigafactory and co-located suppliers in Krishnagiri district.

It introduced its first EV model – S1 Pro in August 2021 and has a portfolio of five scooter models. Within nine months of Ola Electric delivering its first EV scooter, it rose to become the best-selling E2W (electric two wheeler) player in India.

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