Ola Electric is preparing to kickstart its Initial Public Offering in the first fortnight of August as per media reports.
Recently the company had $140 million in a round led by Singapore investment Temasek, which had valued the company at $5.4 billion
Ola Electric is preparing to kickstart its Initial Public Offering in the first fortnight of August as per media reports.
The enlistment of Ola Electric backed by Japanese investment major SoftB ank, would be a watershed moment for the automobile sector as it would be the first ever Indian EV two-wheeler to go public.
It is believed that it would prompt entities like Ather Energy to do the same.
"The firm is looking to raise around $740 million via a combination of a fresh issue and an offer for sale and is targeting a post-money valuation between $4-4.25 billion," one of the persons familiar with the development told Moneycontrol.
The targeted valuation would give the investors an opportunity to gain returns. Ola electric would use the proceeds from its listing for capex, applying and research and development as per reports.
Ola Electric filed its red herring prospectus to SEBI on December 22, 2023. It had brought in Kotak Mahinda and Goldman Sachs for its IPO process as advisors.
The company hopes to offer its share worth Rs 5,500 Crore with an offer for sale (OFS) of Rs 1,750 taking the total to Rs 7,250 CRORE.
As per the draft paper, Founder Bhavish Aggarwal would sell 47.3 million shares with existing shareholders and the firm’s initial investors such as Alphawve, Alpine, DIG Investment, Matric and others selling 95.19 million and 47.89 shares via Offer for Sale (OFS) respectively.
Recently the company had $140 million in a round led by Singapore investment Temasek, which had valued the company at $5.4 billion