IPO-bound Ola Electric announced that it has received a fresh investment of ₹2,763 crores from anchor investors. The company received this investment against 36,35,56,135 equity shares which were sold at ₹76/share. The IPO will open to subscription between August 2 to 6 and the company is likely to be listed on the stock exchange in the second week of August.
Through the IPO, Ola Electric plans to raise ₹5,500 crores with an estimated valuation between ₹35,162 to ₹36,863 crores via an offer for sale (OFS) of up to 84,941,997 equity shares. The price band for the share is between ₹72-76/equity share and investors can bid a minimum of 197 equity shares and in multiples of 197 equity shares thereafter. The total valuation via the upper end of the price band can fetch Ola Electric up to ₹6,145 crores. Ola Electric recently announced that revenues for the company rose by an incredible 90% at ₹5,009 crores. However on the flipside losses too increased by 8% at ₹1,584 crores.
On the product end, Ola scooters continue their domination in the EV two-wheeler space with almost 50% market share. In fact, in June 2024, total sales surprised 2 lakh units within six months, setting a new sales record for Ola. After dominating the scooter segment, Ola also has plans to enter the electric motorcycle segment and will be revealing new electric bikes on August 15.
