Ola Electric IPO: Prices Set at Rs 72-76 Per Share, Aiming to Raise Over Rs 6,100 Crore
Ola Electric Mobility Limited, the Bengaluru-based electric vehicle (EV) manufacturer, has announced the price band for its upcoming initial public offering (IPO). The shares will be offered at a price range of Rs 72–76 each, with the IPO set to open for subscription on August 2 and close on August 6. Investors can bid for a minimum of 197 shares and in multiples of 197 shares thereafter.
IPO Details
. Price Band: Rs 72–76 per share
. IPO Opening Date: August 2
. IPO Closing Date: August 6
. Minimum Bid: 197 shares
At the upper end of the price band, Ola Electric aims to raise Rs 6,145 crore, while the lower end targets Rs 6,111 crore. The IPO will consist of a fresh issue of up to Rs 5,500 crore and an offer for sale (OFS) of up to 8.49 crore shares worth Rs 645 crore. There is also a reservation for eligible employees.
Use of Proceeds
According to Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, the proceeds from the fresh issue will be allocated as follows:
Rs 1,227.6 crore for capital expenditure by subsidiary OCT
Rs 800 crore for repayment or pre-payment of debt
Rs 1,600 crore for research and product development
Rs 350 crore for organic growth initiatives and general corporate purposes
Company Overview
Ola Electric specializes in manufacturing electric vehicles and core EV components, including battery packs, motors, and vehicle frames, at its Ola Futurefactory. The company aims to capitalize on the growing trend of EV adoption in India and plans to expand into select international markets.
Since delivering its first model, the Ola S1 Pro, in December 2021, Ola Electric has quickly become a leading electric two-wheeler (E2W) brand in India. The company has also introduced additional models, including the Ola S1, Ola S1 Air, and Ola S1 X+.
Future Plans
Ola Electric’s vertically integrated business model includes in-house R&D, manufacturing, supply chain management, and a direct-to-consumer (D2C) omnichannel distribution platform. The company plans to use its Generation 2 platform, initially developed for the Ola S1 scooter, for a new motorcycle range featuring four models: Diamondhead, Adventure, Roadster, and Cruiser.
The company’s facilities include a Futurefactory, Gigafactory, and a Battery Innovation Centre in Bengaluru, with ongoing construction of an EV hub in Tamil Nadu’s Krishnagiri and Dharmapuri districts.
As Ola Electric prepares for its IPO, the company’s focus on innovation and expansion continues to position it as a key player in the EV industry.
