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<ul><li>Bhavish Aggarwal-led <keyword id="4393078" type="General" weightage="20" keywordseo="Ola-Electric" source="Orion">Ola Electric</keyword> has received approval from SEBI for its <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>.</li><li>The EV maker has received approval for an IPO to raise ₹5,500 crore.</li><li>The company filed the <keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword> with SEBI in December 2023.</li></ul> Indian electric two-wheeler maker Ola Electric has received approval from the Securities Exchange Board of India (SEBI) for its <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The Bengaluru-based EV maker <a href="https://www.businessinsider.in/stock-market/news/ola-electric-aims-to-raise-nearly-rs-5800-cr-via-ipo-to-file-drhp/articleshow/105907892.cms">filed</a> the Draft Red Herring Prospectus (DRHP) in December 2023. The Bhavish Aggarwal-led company is looking to raise ₹5,500 crore through a fresh issue of shares. Additionally, the IPO also includes an offer for sale (OFS) component of 9.52 crore shares. The company has also kept an option to raise ₹1,100 crore via pre-IPO placement. As part of OFS, Aggarwal will offload 4.7 crore equity shares, which is around half of the OFS component. Apart from this, companies such as Indus Trust, Kaha Wave Ventures, MacRitchie Investments, Alpine Opportunity Fund, Matrix Partners India Investments, and others will divest some shares. According to the draft papers, out of the funds raised, ₹1,226.4 crore will be used for capital expenditure and ₹800 crore will be used to repay debt. The company will spend around ₹1,6000 crore on research and development and ₹350 crore on growth initiatives. Ola Electric has emerged as the leading electric two-wheeler maker in the country and has been leading the market for a long time now. The company occupies around half of the market share. The company is in the process of building an EV hub in the Krishnagiri and Dharmapuri districts in Tamil Nadu. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-3-5-million-subscribers-in-april-2024/articleshow/111129665.cms">Reliance Jio and Airtel add nearly 3.5 million subscribers in April 2024</a> <a href="https://www.businessinsider.in/business/webstories/nvidia-dethrones-microsoft-to-become-the-worlds-most-valuable-company/slidelist/111102218.cms">As Nvidia dethrones Microsoft, check out the world's top 10 most valuable companies</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a>

Ola Electric gets SEBI approval for ₹5,500 crore IPO

Softbank-backed <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> is set to refile its much-awaited <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said. JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said. In preparation for the refinancing, OYO has already moved its application with markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="153" meta.entityid="SEBI">SEBI</keyword> to withdraw its current draft red herring prospectus (<keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword>). The company intends to refile an updated version of the DRHP, after the bond issuance. Oravel Stays Ltd, OYO's parent company, had in November prepaid a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback involved repurchasing 30 per cent of its outstanding Term Loan B of USD 660 million. The move brought down its outstanding loan amount to around USD 450 million. A source closely involved in the company's IPO plans told PTI, "The refinancing will result in material changes to OYO's financial statements. Hence as per existing regulations, it will need to revise its filings with the regulator". "Since the decision for refinancing is at an advanced stage, it doesn't make sense to continue pursuing IPO approval with the current financials. So it's prudent to withdraw the current application," he added. The refinancing will extend the repayment timeline to five years -- versus the repayment of the remaining TLB due in 2026 -- the source said. The bond issuance would significantly lower the current effective interest rate of 14 per cent on its existing USD 450 million Term Loan B (TLB) facility. "The refinancing is expected to result in annual interest savings of USD 8-10 million (Rs 66.4-83 crore) in the first year, after accounting for the costs associated with the bond issuance. The company anticipates annual savings of USD 15-17 million (Rs 124.5 -141.1 crore) thereafter, almost all of which would get added to its net profits. Post the debt refinancing, the company is open to contemplating an equity round, to reaffirm investor confidence before a public listing to fortify its financial strength," the source said. In September 2021, OYO had filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a Rs 8,430 crore IPO. The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around USD 4-6 billion instead of the USD 11 billion it was targeting initially. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a>

OYO withdraws DRHP, to refile IPO post refinancing: Sources

Supam Maheshwari, cofounder and CEO of mother and child care e-commerce platform <keyword id="19939174" type="General" weightage="20" keywordseo="FirstCry" source="keywords" meta.keywordsubtype="org" meta.entityname="FirstCry" meta.hostid="153" meta.entityid="FirstCry">FirstCry</keyword> has reportedly offloaded 6.2 million shares prior to filing for the company's initial public offer (<keyword id="19905471" type="TOPIC" weightage="20" keywordseo="IPO" source="TOPIC" meta.keywordsubtype="equity,investopedia" meta.msid="19357203" meta.seopath="i/ipo" meta.entityname="IPO" meta.hostid="153" meta.entityid="ipo">IPO</keyword>). According to a MoneyControl report, Maheshwari's offloaded shareholding would be over Rs 300 crore. <keyword id="1615917" type="General" weightage="20" keywordseo="firstcry" source="Orion">FirstCry</keyword> CEO has also listed himself as a selling shareholder in the public issue, according to the company's Draft Red-Herring Prospectus (<keyword id="131606" type="General" weightage="20" keywordseo="drhp" source="Orion">DRHP</keyword>). He had 7.46 per cent stake in the company but after filing the draft <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> papers, his holding came down to 5.95 per cent stake. According to the DRHP, Maheshwari has offloaded 9.34 million shares during six months before the date of filing of the IPO papers. "At the price of Rs 487.44 apiece, this share transfer would be worth over Rs 455 crore," said the report. FirstCry was yet to respond to the report. Japanese investment giant <keyword id="19944037" type="General" weightage="20" keywordseo="softbank" source="keywords">SoftBank</keyword> has sold shares worth $310 million in FirstCry in two rounds, according to earlier reports. Late last month, FirstCry filed its DRHP with the market regulator SEBI, seeking to raise Rs 1,816 crore via fresh issue of shares. FirstCry's parent company BrainBees Solutions filed the DRHP which includes offer-for-sale (OFS) comprising 5.4 crore equity shares. FirstCry will use the IPO funds to set up modern retail stores and warehouses across the country. Meanwhile, the company reported Rs 5,632 crore revenue from operations in FY23, while its losses surged over six times to Rs 486 crore from Rs 79 crore in FY22.

IPO-bound FirstCry's CEO Supam Maheshwari offloads shares worth Rs 300 crore: Report

<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

You Searched For "drhp" and got 4 results

Ola Electric gets SEBI approval for ₹5,500 crore IPO

Sourabh Jain

OYO withdraws DRHP, to refile IPO post refinancing: Sources

PTI

IPO-bound FirstCry's CEO Supam Maheshwari offloads shares worth Rs 300 crore: Report

IANS

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

Kritti Bhalla

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