Ola Electric Mobility, an electric two-wheeler company initial public offering (IPO) is scheduled to begin on August 2. The red herring prospectus (RHP) states that the anchor investor bidding will begin on August 1.
Price band for IPO
The price range for Ola Electric Mobility's initial public offering (IPO) is Rs 72–Rs 76 per share.
Eligible employees will receive a Rs 7 per share discount in the IPO bids. The deadline for the public offer is August 6.
IPO size
The IPO consists of an offer-for-sale component of 8.49 crore shares by investors and promoters, along with a fresh issue of equity shares valued at Rs 5,500 crore.
Bhavish Aggarwal, the CEO and founder of Ola Electric, will sell off almost 3.8 crore shares under the OFS.
Funds Utlisation
The IPO will give Ola Electric the much-needed boost it needs to invest in expanding its capacity for manufacturing cells as well as in research and development for next-generation technologies and goods.
Ola Electric Mobility intends to use Rs 1,227.6 crore of the proceeds from its Rs 5,500 crore public offering to expand the capacity of its cell manufacturing plant to 6.4 GWh from 5 GWh, as stated in its prospectus filed on the exchange.
Upcoming products
The electric motorcycle lineup, which includes the Cruiser, Adventure, Roadster, and Diamondhead, was announced by OEML on August 15, 2023. The company anticipates starting deliveries of the motorcycles in the first half of fiscal 2026.
The company plans to further launch affordable mass market Ola S1 models, including E2Ws (electric two-wheelers), targeted at the personal, business-to-business, and last-mile delivery segments by the first half of fiscal 2025,' the company stated in regards to future product launch plans.
