Ola Electric converts into public limited company ahead of IPO filing
Ola Electric has converted itself into a public limited company through a corporate restructuring as the leading electric vehicle maker gears up for its initial public offering.
The conversion of a private limited company into a public company is a mandatory step for a firm that wants to list on the stock exchange.
Consequently, the name of the firm has been changed to Ola Electric Mobility Ltd from Ola Electric Mobility PrivateLimited, according to the regulatory filings.
Ola Electric is India’s leading manufacturer of electric vehicles with a market share of almost 35%.
Recently, the company announced the successful closure of Rs 3,200 crore of funding as part of its equity and debt rounds raised from Temasek-led marquee investors and project debt from the State Bank of India, respectively.
The funds raised would be utilized towards the expansion of the electric vehicle business and setting up a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Ola’s factory in Krishnagiri will be a first-of-its-kind lithium-ion cell manufacturing facility in India, with an initial capacity of 5 GWh in phase-I, which will be further scaled up in phases to 100 GWh at full capacity.
Ola Electric recently expanded its scooter portfolio to five products, with prices ranging from Rs 89,999 to Rs 1,47,499.
