Ola Electric has submitted a draft red herring prospectus (DRHP) for an IPO (initial public offering) of shares to the Securities and Exchange Board of India (Sebi). The electric mobility firm is aiming to raise a total of Rs 5,500 crore through a new share sale.
The IPO includes a new INR 5,500 Cr issue, per the DRHP. However, according to a Moneycontrol article, there will be an offer-for-sale (OFS) component totaling INR 1,750 Cr as part of the IPO. An OFS component of up to 9.5.1 Cr shares will be included in the public offering overall.
Ola Electric wants to secure Rs 5,500 crore through a fresh issuance. Of that amount, more than Rs 1,200 crore will go towards capital expenditures for Ola Cell Private Technologies, the company’s subsidiary, to increase the capacity of Ola Gigafactory’s cell manufacturing to 6.4 GWh from 5.0 GWh, as reported by The Economic Times.
The Ola Futurefactory and the Ola Gigafactory will be situated near to one another. By March of the following year, phase 1 of the Ola Gigafactory is anticipated to be finished and functioning.
About Ola Electric
Ola Electric is a company revolutionizing electric mobility in India. They are building an ecosystem of products, services, and technology to make India the world’s EV hub. Ola Electric is passionate about building a brighter future.
They have built the largest integrated and automated electric two-wheeler manufacturing plant in India. They are also developing cell technology and battery innovation. Ola Electric is driven by a team of young, brilliant minds who are shaping the future of EVs.