Aug 1, 2024
By: Sourabh Jain
Credit: Sourabh Jain
Bengaluru-based Ola Electric’s initial public offering (IPO) will open on Friday, August 2 and will close on Tuesday, August 6.
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Ola Electric has fixed a price band of ₹72-₹76 per share for its public issue.
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Ola Electric is a Bengaluru-based electric two-wheeler maker which sells several electric scooters.
Credit: Ola Electric
Ola Electric is looking to raise ₹6,145.56 crore from the current IPO. This includes a fresh issue of ₹5,500 crore and an offer for sale (OFS) component of ₹645.56 crore.
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Investors can bid for a minimum of 195 shares and in multiples of 195 shares thereafter.
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The company, founded in 2017 has over 870 experience centres and 429 service centres. The company currently sells four electric scooters and is expected to soon launch an electric bike.
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The company’s income was ₹5,243.27 crore in FY24, up from ₹2,782.70 crore in FY23. The company reported a loss of ₹1,584.40 crore in FY24, up from ₹1,472.08 crore loss reported in FY23.
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The company’s sales are subject to adverse reactions to changes in subsidies offered by the government on the sale of electric vehicles. The company has reportedly received a legal notice from MapMyIndia over alleged data theft.
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The funds raised will be used to repay the indebtedness of its subsidiary, invest in R&D, growth initiatives, general corporate purposes and expansion of the capacity of its cell manufacturing plant.
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