Ola Electric, led by Bhavish Aggarwal, is preparing to launch its initial public offering (IPO) with the anchor book opening on August 1. The public subscription is expected to run from August 2 to August 6, with the listing potentially taking place on August 9.
The IPO aims to raise approximately $740 million through a mix of new shares and an offer for sale. Ola Electric is targeting a post-money valuation between $4 billion and $4.25 billion. This would mark the first Indian electric vehicle (EV) two-wheeler company to debut on the Dalal Street.
Ola Electric will use the proceeds from the IPO for capital expenditures, debt repayment, and research and development. The company competes with major players like TVS Motors, Bajaj Auto, and Ather Energy.
The draft red herring prospectus was filed with the Securities and Exchange Board of India (SEBI) on December 22, 2023. Key investment banks on the deal include Kotak Mahindra Capital, Goldman Sachs, and ICICI Securities. The law firm Cyril Amarchand Mangaldas is advising on legal matters.
Existing shareholders, including founder Bhavish Aggarwal and early investors, are set to sell a combined total of approximately 95.19 million shares in the offer for sale.
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