Ola Electric is all set for its IPO, with its anchor book to be released on August 1, as per a Moneycontrol report. For public subscription, the issue might be open from August 2 to August 6, adds the report.
Ola Electric’s IPO has been the talk of the town. The company that filed for its IPO papers with market regulator SEBI in December last year aims to raise around $740 million.
The company will list itself on August 9, adds the report. This is the first electric vehicle company that is going for an IPO. It’s competitors include Ather Energy, TVS Motor, and Bajaj Auto.
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The investment banks that are working on the deal reportedly include Kotak Mahindra Capital, Axis Capital, Goldman Sachs, ICICI Securities, Citi, BofA Securities, SBI Caps and BoB Caps. The company counsel for the same is Cyril Amarchand Mangaldas.
Existing shareholders of the company will be selling 95.19 million shares in the OFS. Similarly, Bhavish Agarwal will unload around 47.3 million shares.
Recently, Reuters reported that Ola Electric has stopped its electric vehicle project for at least two years. The firm has taken this move to focus on its electric scooters ahead of its much-awaited IPO.
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The company’s "focus is all on the two-wheeler market, including bikes, and mass electrification is still some time away—you need to have (charging) infrastructure,” said a source speaking to Reuters.
Aggarwal had previously intended to introduce a high-end sports car. However, as per Reuters, Ola will concentrate on creating an inexpensive, mass-market electric vehicle when the automobile project is brought back to life. Previously, in 2022, Aggarwal had said that they were planning to come up with an electric sports car. The limit of the car would reportedly be 100 km per hour within four seconds.
