BAJAJ BROKING
Ola Electric secures SEBI approval for IPO to raise ₹5,500 crore, aiming for a $6 billion valuation. The IPO includes an OFS component of 95.2 million shares. Out of the raised funds, ₹1,226 Cr will be allocated to expand capacity from 5 GWh to 6.4 GWh.
Ola Electric, India's largest electric two-wheeler manufacturer, has received approval from the Securities and Exchange Board of India (SEBI) to list on the public stock exchanges.
The company, which filed its draft red herring prospectus (DRHP) with SEBI on December 22, aims to raise up to ₹5,500 crore through a fresh issue of shares, alongside an offer-for-sale (OFS) component comprising 95.2 million shares.
Additional Read: Ola Electric IPO: Check Issue Date, IPO Price, Analysis & Details
The draft IPO documents specify that ₹1,226 crore of the raised funds will be allocated to expanding the capacity of Ola Electric’s cell manufacturing plant, Ola Gigafactory, from 5 GWh to 6.4 GWh.
According to the draft IPO papers, Ola Electric’s co-founder and CEO, Bhavish Aggarwal, will sell up to 47.4 million shares, representing approximately 1.3% of the company.
Major investors, including SoftBank Vision Fund, Tiger Global, Alpha Wave Global, Matrix Partners India, and Temasek, will also reduce their holdings.
The total OFS component could potentially generate around $156.7 million (over ₹1,300 crore), with Aggarwal's share sale alone possibly netting him $78 million (about ₹650 crore).
Ola Electric is targeting a valuation of $6 billion through this IPO. This move comes as the firm seeks to enhance profitability while maintaining its leadership in the electric two-wheeler market.
Amidst these developments, Ola Electric is implementing cost-cutting measures, including the layoff of over 600 employees across various divisions. As of October 2023, the company reported having 3,733 employees.
Share this article:
Share Market Today | Gift Nifty Signals 100-Point Gap Down, Nifty to Consolidate
06 Sep, 2024 | 4 Min. read
KEC International Secures ₹1,423 Cr Transmission Line Order in Saudi Arabia
06 Sep, 2024 | 1 Min. read
Ashoka Buildcon’s Viva Highways Monetises Pune Land for ₹453 Crore
06 Sep, 2024 | 2 Min. read
Peak Partners To Sell 11% Stake in Indigo Paints via Block Deal
06 Sep, 2024 | 2 Min. read
US Initial Jobless Claims Drop to 227,000 in August.
06 Sep, 2024 | 1 Min. read
Commodities Market Today | WTI Crude Steady at $69.18, Gold Rises 0.8% to $2,546
06 Sep, 2024 | 1 Min. read
Gold Rate Today | Gold Rises 0.8% to $2,546, Silver Gains 2% to $29.14
06 Sep, 2024 | 2 Min. read
Vodafone Idea Share Price Falls 11% After Goldman Sachs Report
06 Sep, 2024 | 1 Min. read
Suzlon Energy Share Price Rises After Corporate Office Sale
06 Sep, 2024 | 1 Min. read
Why is the Stock Market Down Today? Key Factors Explained
06 Sep, 2024 | 1 Min. read
Sona BLW Precision Forgings Plans ₹2,400 Crore QIP at ₹675-700 per Share
05 Sep, 2024 | 1 Min. read
Commodities Market Today | Crude Oil Drops, Brent Hits Low; Gold and Silver Rise
05 Sep, 2024 | 1 Min. read
Analysis to Become a Pro Investor
28 Dec, 2023 | 4 Min. read
Women In Real Estate Investing (Investree)
28 Dec, 2023 | 5 Min. read
How To Check Prudent Corporate Advisory IPO Allotment Status
27 Dec, 2023 | 3 Min. read
How To Boost Credit Score? – Steps to Improve Creditworthiness
27 Dec, 2023 | 4 Min. read
Advantages and Disadvantages of Opening Multiple Demat Accounts
26 Dec, 2023 | 4 Min. read
7th CPC LTC: Leave Travel Concession Rules for Central Government Employees
26 Dec, 2023 | 4 Min. read
7th Pay Commission: House Building Advance (HBA) Interest Rate FY 2023-24
26 Dec, 2023 | 5 Min. read
The Future of Trading: Exploring Bajaj Broking’s Demat Features
26 Dec, 2023 | 6 Min. read
7th Central Pay Commission Cpc Fitment Table
23 Dec, 2023 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading