- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Bhavish Aggarwal's Ola Electric to raise Rs 5500 crore, to launch its IPO on...
The price band of the company's maiden public issue will be announced on Monday (July 29).
Updated : Jul 28, 2024, 03:31 PM IST
 "Bhavish Aggarwal's Ola Electric to raise Rs 5500 crore, to launch its IPO on...")
TRENDING NOW
)
'I will give you interview, but give me food': Meet 'king of B-grade films' who had no money, then became star, worked in 6 shifts, did 18 films together
)
Meet former Miss India who cracked CDS exam to become Indian Army officer, her AIR was...
)
Manoj Kumar had two sons, one was actor Kunal Goswami but who was the other one, what did he do for living
)
Meet world's richest woman ever, way richer than Mukesh Ambani, Gautam Adani, Elon Musk, made history by becoming..., her immense wealth was...
)
Ratan Tata's TCS loses Rs 110351 crore in just 96 hours after...; becomes biggest...
)
Casting couch scandals resurface: Tamil actress Shruthi Narayanan's viral video sparks fresh debate in film industry
)
Meet Jai Anshul Ambani, younger son of Anil Ambani and nephew of Mukesh Ambani, owns collection of luxury cars and aircrafts; his net worth is Rs...
)
Govinda breaks silence on divorce reports with Sunita Ahuja: 'I am in the process of...'
)
How much salary does NSA Ajit Doval get? His facilities, allowances and perks will leave you shocked, check details
)
MS Dhoni's daughter Ziva studies in this school, know amenities, area, fees is Rs..., not Dhirubhai Ambani International School
)
Sebi imposes Rs 700000 fine on THIS company once owned by Anil Ambani, asks to pay amount within...
)
Indian-Canadian couple's dream wedding in Bengaluru turns tragic as colour bomb explodes on bride's back, watch viral video
)
'He has touched me after...': Hema Malini wanted her blouse to be stitched tight in Baghban for her scene with Amitabh Bachchan because..
)
After leaked casting couch video, Shruthi Narayanan's old statement about social media goes viral: 'You can't share everything, it might...'
)
Abhishek Bachchan flies out of Mumbai with mom Jaya Bachchan, niece Navya Nanda; fans ask 'where is Aishwarya, Aaradhya'
The date of the much-awaited IPO of Ola Electric Mobility has been announced. The electric two-wheeler company led by Bhavish Aggarwal will float its initial public offering (IPO) on August 2. The initial share sale will conclude on August 6. The price band of the company's maiden public issue will be announced on Monday.
The prospectus showed that the company's proposed IPO combines a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares by promoters and investors. Under the OFS, Ola Electric founder Bhavish Aggarwal will offload almost 3.8 crore shares. The bidding for anchor investors will open for a day on August 1, according to the red herring prospectus (RHP).
A significant part of the proceeds will be used for capacity expansion of its cell manufacturing plant and revving up R&D. For Ola Electric, the IPO will provide the much-needed impetus to invest in enhancing cell manufacturing capacity and research and development on future technologies and products.
According to its prospectus, Ola Electric plans to utilise Rs 1,227.6 crore out of the proceeds of its Rs 5,500 crore public issue on capacity expansion of its cell manufacturing plant to 6.4 GWh from 5 GWh. The company is also looking to use Rs 1,600 crore from the fresh fund on research and product development, another Rs 800 crore will be deployed to repay debts and Rs 350 crore for organic growth initiatives.
In its RHP, the company said that Phase 1 (a) and Phase 1 (b) of the set-up and expansion of the Ola Gigafactory at Krishnagiri district in Tamil Nadu will be funded from internal accruals and long-term borrowings availed by its arm Ola Cell Technologies Pvt Ltd (OCT).
(With inputs from PTI)
