The leading manufacturer of e-scooters, Ola Electric, is preparing to launch its Rs 5,500 crore first public offering (IPO) in India. August 2 has been selected as the launch date.
On August 1, interested anchor investors will have a day to begin bidding. According to reports, the Bangalore-based firm wants to collect approximately Rs 5,500 crore with its next offering and 95.2 million shares through an offer-for-sale (OFS) component.
All of the IPO’s proceeds, according to reports, will be put toward expanding the company’s cell production facility from 5 GWh to 6.4 GWh. The remaining profit will be put toward the company’s R&D and product development, with a small portion going toward debt repayment.
Ola Electric, meanwhile, announced that its operational revenue for FY24 was Rs 5,009.8 crore. When compared to the revenue declared for FY23, the amount has doubled.
According to Ola Electric, their market share increased by 50% in April. Over 33,934 electric two-wheelers have been sold this month. This occurs at the same time as the company’s total sales of electric two-wheelers for the preceding month suffered a significant decline.