Ola Electric’s IPO Likely To Hit On August 2, More Details On July 29

Ola Electric is set to announce further details regarding its upcoming IPO on July 29, with the offer likely to go live on August 2. The company will be accepting offers until August 6 and the company is likely to be listed on August 9. The Bengaluru-based electric startup had received clearance from SEBI for the same in June, six months after it had applied for the same. 

The IPO will aim to raise around ₹5,500 crores as the company seeks its valuation to be somewhere between $ 4-4.25 billion. 8.49 crore equity shares will be sold off in the process, as the price band is going to be announced on July 29. With the IPO, Ola will be India’s first electric-only automobile maker to go public. Currently, the company is offering electric scooters in three distinct trims and various battery packs.

The electric motorcycle project is likely to come to fruition soon with more news on the same likely to be shared on August 15. Ola CEO Bhavish Aggarwal had shared a teaser regarding the e-motorcycle a few days back, and here’s what we could make of it.

(Also Read: Ola Electric Suspends Its Car Plans: Report)

The money raised from the IPO will be put into increasing its R&D and capex while also reducing its current debt. We expect to hear more news on the same shortly.