Ola Electric is set to launch its IPO on August 2, 2024, aiming to raise ₹5,500 crore through a fresh issue of equity shares. The IPO will also include an offer for sale (OFS) of approximately 8.49 crore shares by promoters and investors (IPO Watch).
Key Details:
IPO Dates: Opens on August 2 and closes on August 6, 2024 .
Listing: Expected on August 9 on BSE and NSE .
Offer for Sale (OFS): Details about the OFS component are yet to be announced.
Price Band: Will be announced on July 29, 2024.
Use of Proceeds:
₹1,227.6 crore for expanding its cell manufacturing plant
₹1,600 crore for research and development
₹800 crore to repay debts
₹350 crore for organic growth initiatives
Financials and Valuation:
The company aims for a valuation of about $4.5 billion (Business Standard).
Revenue for FY 2024 was reported at ₹5,009.83 crore, with a net loss of ₹1,584.4 crore
