Ola Electric's IPO dates have finally been announced. Retail investors will be able to invest money in Ola Electric's IPO from August 2 to August 6. Ola has decided to launch the IPO at a low valuation, so that maximum number of investors can participate. Ola is going to be the first electric vehicle company in the country to launch an IPO. This is going to be the country's first IPO in the auto sector after Maruti.
The IPO will be of Rs 6000 crore
Ola Electric informed the stock exchange about this on Saturday. The anchor book of the IPO will open on August 1. The listing of the IPO is likely to take place on August 9. SoftBank-backed Ola Electric is trying to achieve a valuation of around $4.5 billion. During last year's funding, the company's valuation was estimated at $5.4 billion. The price of this IPO will be approximately Rs 6000 crore. These will have fresh issues as well as offers for sale.
Bhavish Agarwal will sell 3.79 crore shares
According to information provided by the company, Ola Electric CEO Bhavish Agarwal will sell 3.79 crore shares through this IPO. This figure is about 20 percent lower than the IPO document submitted by the company to SEBI. Apart from this, many large shareholders will also sell their stake in it. Ola is trying to rope in more investors. It is also being considered as the biggest IPO of the year 2024. Its current share issue size is Rs. 5500 crore will be.
The IPO was approved on June 20
The company submitted the IPO documents (DRHP) to market regulator SEBI on December 22, 2023. SEBI gave its approval for the IPO on June 20. Out of the money collected Rs. 1,226 crore will be used in capital expenditure. Apart from this, Rs 800 crore will be spent on loan repayment, Rs 1600 crore on research and development and Rs 350 crore on future plans of the company.
. Source
