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Ola Electric secures SEBI approval for Rs 5,500 crore IPO: Details

Ola Electric has obtained approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). This milestone marks the first-ever IPO by an electric vehicle (EV) startup in India.

Edited By: Saumya Nigam @snigam04 New Delhi Updated on: June 20, 2024 19:43 IST
Ola Electric, SEBI approval,
Image Source : FILE Ola Electric secures SEBI approval for Rs 5,500 crore IPO: Details

Ola Electric, an automobile renting company which is led by Bhavish Aggarwal, has recently secured approval from the Securities and Exchange Board of India (SEBI) for its landmark for the?initial public offering (IPO), making it the first electric vehicle (EV) startup in India to do so. The IPO further includes a fresh issuance of shares valued at Rs 5,500 crore and an offer-for-sale (OFS) of 9.51 crore equity shares, as detailed in the draft red herring prospectus.

Under the OFS, Bhavish Aggarwal will be selling 4.7 crore equity shares, while the promoter group, Indus Trust, will divest around 41.78 lakh shares. Ola Electric filed the draft IPO papers with SEBI in December 2023, aiming to raise Rs 5,500 crore, which also includes a pre-IPO placement of Rs 1,100 crore.

According to the draft papers, proceeds amounting to Rs 1,226.4 crore will be used for the capital expenditure of its subsidiary, and Rs 800 crore will be used for debt repayment.

Proceeds worth Rs 1,600 crore will be invested in research and product development, while another Rs 350 crore will be utilised for organic growth initiatives, the DRHP mentioned.

Meanwhile, Ola Electric captured 49 per cent market share in the electric two-wheeler (2W) segment in May, with 37,191 registrations (as per the government’s Vahan portal) riding on its S1 scooter portfolio.

ALSO READ:?Ola Electric slashes cheapest e-scooter prices by over 12 per cent: Check new rates

Ola Electric, India's leading electric scooter manufacturer, announced on Monday a significant 12.5% price cut for its most budget-friendly model. This strategic move comes in response to the company's ongoing financial losses and is aimed at boosting sales in the wake of recent reductions in government subsidies.

ALSO READ:?Apple MacBook Pro with M4 chip to launch in India by Q4 2024: Report

Apple, the renowned consumer tech giant based in Cupertino, USA, is gearing up to launch its latest MacBook Pro, featuring the cutting-edge M4 chipset. According to reports, this eagerly anticipated laptop is set to debut in the Indian market in the fourth quarter of this year.

Inputs from IANS

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