look news india
Bhavish Aggarwal : There is great news for investors waiting for Ola Electric's IPO. Now the date of IPO of the Bhavish Aggarwal-led company has been revealed. According to sources, the anchor book of Ola Electric's IPO will open on August 1. Also, the subscription of this issue will be open from August 2 to August 6. The Softbank-backed company is seeking a valuation of around $4.5 billion through this IPO. The IPO may be listed on August 6.
Will become the country's first listed electric vehicle company
After the successful completion of this IPO, Ola will become the country's first electric vehicle company to be listed on the stock market. Based on sources, a report by Business Standard claims that the IPO will be valued at around Rs 6,000 crore. These will include fresh issues as well as offers for sale. The company was valued at $5.5 billion in the last funding round. However, the IPO is going to be listed at $4.5 billion at an 18 percent lower valuation.
SEBI has given approval to launch the IPO on June 20.
Ola Electric is facing competition from Ather Energy, Bajap and TVS Motor Company. Ola Electric has not yet confirmed the dates of the IPO. The company has filed IPO documents (DRHP) with market regulator SEBI on December 22, 2023. SEBI had approved the IPO on June 20 this year. Through this IPO, Bhavish Aggarwal will launch about 4.7 crore shares in the market. Apart from this, many big shareholders will sell their shares in it.
The money received from IPO will be used for these works
According to the IPO documents, out of the money raised, Rs 1226 crore will be used for capital expenditure. Apart from this, the company will spend Rs 800 crore on loan repayment, Rs 1600 crore on research and development and Rs 350 crore on future plans. Ola Electric raised funding of about Rs 3,200 crore last year. The company's factory is located in Tamil Nadu.
