Ola Electric has officially announced its Initial Public Offering (IPO) that is set to open on August 2 and up to August 6, 2024
Ola Electric will be the first electric two-wheeler maker in India to open its shares for public issue
The EV player has fixed the price band for its upcoming IPO between ₹72 and ₹76 per share
The issue is expected to raise ₹6,145.56 crore which includes ₹5,500 crore from new shares and ₹645.56 crore from an offer for sale
Investors will be able to bid for a minimum of 197 equity shares and later in multiples of 197 equity shares
75% of the issue is reserved for qualified institutional buyers, 15% for non-institutional buyers, and 10% for retail individual bidders
Ola Electric is in the business of manufacturing electric two-wheelers. The company has setup a battery cell manufacturing plant to support its EV business
Ola Electric reported a negative EBITDA of ₹1,040 crore or -19.8% in FY2024. It clocked a revenue of ₹5,009 crore, a hike of 90% over FY2023
The company has secured a ₹1,900 crore line of credit to invest in the 5 GWh cell manufacturing factory