August 2nd is Ola Electric’s IPO launch date.
Electric mobility company Ola Electric revealed that it will launch the anchor book for its initial public offering on August 1, while the issue will be opened to the publicbeginning August 2 and ending August 6.
Last month, Ola Electric received Sebi’s approval for its IPO after filing a DRHP to raise Rs 5,500 crore ($660 million) through a fresh issue of shares and an offer for sale of up to 84,941,997 shares.
The company headed by Bhavish Aggarwal was valued at $5.5 billion in October of last year at its most recent stock transaction. Nonetheless, rumours in the media indicated that the company planned to aim for an IPO valuation between $4.2 and $4.4 billion.
Ola Electric has raised over $1 billion in equity and debt capital from the likes of SoftBank, Temasek, Blue Investments, DIG Investments, Tiger Global and State Bank of India (SBI), among others.
In the financial year ended March 2024, Ola Electric reported a revenue of Rs 5,009.8 crore from operations with a net loss of Rs 1,584.4 crore. In FY23, its revenue and loss stood at Rs 2,631 crore and Rs 1,472 crore, respectively.
Ola Electric topped the electric two-wheeler companies in June with sales of 36,716 units, controlling 44% market share. According to vehicle data, TVS, Bajaj and Ather Energy were next on the list.
According to a Reuters report, Ola Electric has dropped its electric car project and will focus only on electric scooters and motorcycles.
Apart from Ola Electric, SEBI has approved the IPO applications of two more SoftBank-backed companies i.e. FirstCry and Unicommerce. In the last three years, several SoftBank-funded companies such as Paytm, Delhivery, PolicyBazaar and Zomato got listed on the stock markets.
