HomeStock MarketOla Electric files for Rs 5,500 cr IPO, first Indian EV firm...

Ola Electric files for Rs 5,500 cr IPO, first Indian EV firm IPO

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  1. Bhavish Aggarwal plans to sell approximately 47.4 million shares in Ola Electric, per preliminary draft papers submitted to SEBI.
  2. Ola Electric aims to raise around ₹5,500 crore via fresh equity and an Offer for Sale (OFS) of 95,191,195 equity shares
  3. IPO plans include allocations of 75% for qualified institutional buyers (QIBs), up to 15% for non-institutional investors (NIIs), and a maximum of 10% for retail individual bidders.
  4. Utilization of funds from the IPO includes investments in a Gigafactory project, research and development (R&D), organic growth, and debt repayment for Ola Electric Technologies.
  5. Ola Electric witnessed a remarkable surge in FY23 revenue to ₹2,630.93 crore from ₹373.42 crore in the previous year, emerging as a leader in Indian electric 2-wheelers (E2Ws) and OEMs.
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