₹5,500 crore, on Friday, December 22. This marks the inaugural IPO from an Indian electric vehicle (EV) manufacturer and is notably the first IPO by a two-wheeler maker in India since the introduction of Bajaj Auto in 2008.
With backing from Japan's SoftBank and Singapore's investment firm Temasek, the Bengaluru-based EV manufacturer achieved a valuation of $5.4 billion in a recent funding round. The matter pertains to a new equity share issuance amounting to ₹5,500 crore and a simultaneous offer for sale (OFS) of 95,191,195 equity shares with a nominal value of ₹10 each.
As per the preliminary documents dated December 22, Bhavish Aggarwal, the founder of Ola Electric, intends to divest up to 47.4 million shares. It's worth noting that Aggarwal had previously made a ₹45 lakh investment in the Pune-based electric vehicle startup, Tork Motorcycles.
The company is yet to disclose the opening and closing dates for subscription for the IPO. Although the official announcement is pending, various media reports suggest that the public offering is expected to commence in early 2024.
Additionally, details regarding the offer price and IPO price band remain undisclosed at this time. Here are top 10 key risks involved in the upcoming public offer — Milestone Alert!
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