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Ola Electric to launch Rs 55 billion IPO on August 2, 2024

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Ola Electric Mobility is set to launch its initial public offering (IPO) on August 2, 2024, aiming to raise Rs 55 billion. The IPO will consist of a fresh issue of shares worth Rs 30 billion and an offer-for-sale (OFS) of Rs 25 billion by existing shareholders. The price band for the IPO has been set at Rs 200-215 per share.

Ola Electric, a subsidiary of ANI Technologies (the parent company of Ola Cabs), is one of the leading electric vehicle (EV) manufacturers in India. The company aims to accelerate the adoption of electric vehicles in the country and has already set up a large manufacturing facility in Tamil Nadu, referred to as the Ola Futurefactory.

Fidelity and Nomura are reportedly among the investors planning to submit bids for the IPO. Ola Electric has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and has received the regulator’s nod for the IPO. This IPO is expected to be one of the largest in the Indian EV sector and is anticipated to boost the company’s growth trajectory, allowing it to capitalize on the increasing demand for electric vehicles in India.

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