Ola Electric Mobility is into Automobile Electric Vehicles and is looking raise funds through Fresh Issue and Offer For Sale
Ola Electric Mobility IPO: Ola Electric Mobility Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 10 per share via initial public offering.
- Initial Public Offer comprising of a Fresh Issue of Equity shares aggregating up to Rs 5,500 Cr and an Offer for Sale of up to 95,191,195 Equity Shares.
- Kotak Mahindra Capital, BofASecurities, Axis Capital, SBI Capital Markets, Citigroup Global Markets, Goldman Sachs (India) Securities, ICICI Securities, BOB Capital Markets have been appointed as lead merchant bankers for the proposed IPO.
- It has appointed Link Intime India Private Limited as Registrar and Share transfer Agent.
- Company is yet to finalize issue size and some other important details relating to the IPO.
Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 5,500 Crs and offer-for-sale (OFS) of up to 95,191,195 equity shares by Bhavish Aggarwal (Promoter selling shareholder), Indus Trust (Promoter selling shareholder), Alpha Wave Ventures II, LP, Alpine Opportunity Fund VI, L.P., DIG Investment IV AB, Internet Fund III Pte Ltd, MacRitchie Investments Pte. Ltd., Matrix Partners India Investments III, LLC, SVF II Ostrich (DE) LLC and Tekne Private Ventures XV, Ltd. who will offload equity stake through this IPO...
Objects of the issue:
1) Capital expenditure to be incurred by its subsidiary, OCT for the Project - Rs. 1226.4 crs 2) Repayment of debt by subsidiary, OET - Rs. 800 crs , 3) Investment into R&D - Rs. 1600 crs 4) Expenditure to be incurred for organic growth initiatives - Rs. 350 crs, and 5) General corporate purposes.
Promoters of Ola Electric Mobility are Bhavish Aggarwal and holds 45.14% stake in the company.
About Company:
Ola Electric Mobility established in 2017 is a pure EV player in India building vertically integrated technology and manufacturing capabilities for EVs and EV components. Company manufacture EVs and certain core EV components at the Ola Future factory. Company delivered four products and additionally announced six new products. Company is building EV hub in Tamil Nadu, India, comprising Ola Future factory for EV manufacturing, upcoming Ola Gigafactory for cell manufacturing, and co-located suppliers. Company operate a direct-to-customer omnichannel distribution network across India, comprising 935 experience centres and 414 service centres and website. Ola Futurefactory is the largest integrated and automated E2W manufacturing plant in India with an installed capacity of one million units per year.
About Industry:
According to the Redseer Report, E2Ws are at the forefront of the electrification of mobility in India due to their favourable total cost of ownership and the Indian government’s production-linked incentives and subsidies to promote domestic manufacturing and adoption of EVs. E2W penetration in India is expected to expand from approximately 4.5% of domestic 2W registrations in Fiscal 2023 to 41-56% of domestic 2W sales volume by Fiscal 2028, while the Indian E2W industry is expected to grow at a CAGR of 11% fromUS$35 billion (₹28.8 trillion) to US$45 billion(₹36.6 trillion)in Fiscal 2028. Further, markets like Africa, LATAM and SE Asia provideasignificantexport opportunity for Indian E2W OEMs.
Source: SEBI, BSE, NSE, DRHP, Ola Electric Mobility, Industry Data
Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.
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