Electric Two Wheeler Vehicle manufacturer Ola Electric and pharmaceutical company Emcure Pharmaceuticals have received approval from market regulator SEBI to bring an initial public offering (IPO) to raise funds. According to the information available on the website of the Securities and Exchange Board of India (SEBI), the draft IPO documents of both these companies have been approved on June 10. This means that now both the companies can move forward towards bringing their respective IPOs.
9.52 crore equity shares to be sold
In the proposed IPO of Ola Electric, apart from issuing new shares worth Rs 5,500 crore, 9.52 crore equity shares held by promoters and investors will be offered for sale. Bengaluru-based Ola Electric introduced its first EV two-wheeler model in August 2021. Apart from manufacturing electric two-wheelers, it also manufactures battery packs and motors for them. In the IPO of pharmaceutical company Emcure Pharmaceuticals, along with issuing new shares worth Rs 800 crore, 1.36 crore equity shares held by promoters will also be offered for sale. The amount raised from the IPO will be used for repayment of debt and general company operations.
Work started on bringing IPO
The company has started work on the IPO. To invest in this IPO, investors like Singapore-based Eastspring, a subsidiary of Prudential PLC, and UK-based Pictet had shown interest in becoming anchor investors. Ola Electric Mobility Limited was founded in 2010 and is one of the largest mobility platforms in India. The company was founded by Ankit Bhati and Bhavish Aggarwal, headquartered in Bangalore. The company is a pure electric vehicle (EV) player in India, developing vertically integrated technology and manufacturing capabilities for EVs and their components, including cells.
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