Ola Electric, a prominent electric mobility company, has announced that it will launch the anchor book for its initial public offering (IPO) on August 1. The IPO will open to the public on August 2 and close on August 6.
Last month, Ola Electric received approval from SEBI for its IPO, following the submission of its Draft Red Herring Prospectus (DRHP). The company aims to raise Rs 5,500 crore ($660 million) through the issuance of new shares and an offer for sale of up to 84,941,997 shares. Led by Bhavish Aggarwal, Ola Electric was valued at $5.5 billion during its most recent equity round in October of last year. However, reports indicate that the company is seeking a lower valuation of $4.2-4.4 billion for its IPO.
Ola Electric has secured over $1 billion in equity and debt funding from investors including SoftBank, Temasek, Blue Investments, DIG Investments, Tiger Global, and the State Bank of India (SBI).
For the fiscal year ending in March 2024, Ola Electric reported revenue of Rs 5,009.8 crore from operations and a net loss of Rs 1,584.4 crore. In the previous fiscal year (FY23), the company’s revenue was Rs 2,631 crore with losses amounting to Rs 1,472 crore.
In June, Ola Electric led the electric two-wheeler market with sales of 36,716 units, capturing a 44% market share. TVS, Bajaj, and Ather Energy followed, according to data from Vahan.
A report mentioned that Ola Electric has shelved its electric car project to concentrate on electric scooters and motorcycles.
