Last month, it received the regulator’s nod for the public issue
Just over a week ago, Inc42 reported that the startup likely to be valued at around $4.5 Bn for its upcoming IPO
Ola Electric filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an INR 5,500+ Cr IPO in December last year
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bhavish Aggarwal-led electric vehicle maker Ola Electric is reportedly looking to launch its widely anticipated initial public offering (IPO) as early as in the first fortnight of August.
According to Moneycontrol’s report, citing multiple sources, through the proposed listing, the SoftBank-backed company is looking to raise around $740 Mn via a combination of a fresh issue and an offer for sale.
Just over a week ago, Inc42 reported that the startup is likely to be valued at around $4.5 Bn for its upcoming IPO, a decline of 16-20% from its last funding round.
Inc42 reached out to Ola Electric for comments on the development, the story will be updated based on the responses from the company.
Ola Electric filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an INR 5,500+ Cr IPO in December last year. Last month, it received the regulator’s nod for the public issue.
Founded by Ola Cabs cofounder Aggarwal, Ola Electric is an EV manufacturer with five scooter models. It is one of the biggest players in the two-wheeler EV space in the country. It operates a comprehensive omnichannel distribution network, which included 935 experience centres and 414 service centres, as of October 2023.
Earlier this year, Ola Electric secured INR 410 Cr (around $50 Mn) in debt funding from EvolutionX Debt Capital via non-convertible debentures (NCDs). The company raised funding by issuing 41,000 NCDs at an issue price of INR 1 Lakh each, as per its filing with the Registrar of Companies (RoC).
As it gears up for its IPO, the company has undertaken a company-wide restructuring exercise to cut costs and streamline operations. The EV player was also said to be planning to sack nearly 400-500 employees.
Ola Electric’s net loss widened 88% to INR 1,471.6 Cr in the financial year 2022-23 (FY23) from INR 783.4 Cr in the previous year. Operating revenue surged 605% year-on-year (YoY) to INR 2,630.9 Cr in FY23.
(The story will be updated soon)
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.