Domestic Electric Vehicle Company Ola’s Rs 6,145.96 crore IPO is going to open for general investors on August 2. Bids for this IPO can be placed till August 6. Its price band has been fixed from Rs 72 to Rs 76 per share. 10 percent of this IPO has been reserved for retail investors. The size of Ola’s public issue will be Rs 6,145.96 crore. According to this, the market cap of the company will be around Rs 33,500 crore.
The size of the fresh issue will be Rs 5,500 crore
The IPO will also have an offer for sale of 84.94 million shares, valued at around Rs 646 crore (according to the high band price). At the same time, the size of the fresh issue will be Rs 5,500 crore. In the OFS, 3.79 crore and 41.79 lakh shares will be sold by Ola Electric promoter Bhavesh Agarwal and Insad Trust respectively. Apart from this, SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III PTE, Matrix Partners India Investments III LLC and Aashna Advisors LLP will also participate in the OFS.
IPO money will be used here
Out of the amount raised by Ola Electric from the IPO, Rs 1,227 crore will be used to expand the cell manufacturing plant. Apart from this, the amount raised from the IPO will also be used for product development and business expansion and research. Ola Electric had recorded a loss of Rs 1,584 crore in FY 24, which was Rs 1,472 crore in FY 23. In FY 24, the company’s income registered a jump of 90 percent and it increased to Rs 5,009.9 crore, which was Rs 2,630.0 crore in FY 23.
Input: IANS
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