MUMBAI - Ola Electric has announced the launch of its initial public offering (IPO), aiming to raise ₹8,500 crore (INR100 crore = approx. USD12 million). This move not only positions it among the largest Indian IPOs in terms of size but also marks a significant event as the first automaker to list on Indian stock exchanges since Maruti Suzuki's IPO over two decades ago. The company is setting a precedent as the first pure-play electric vehicle (EV) manufacturer to be publicly listed in India.
The IPO consists of a combination of fresh shares and offerings from existing investors, including global firms like Temasek and SoftBank (TYO:9984). With a focus on expanding its EV production capabilities, Ola Electric is preparing to file its draft prospectus for the upcoming public offering in December.
In October, Ola Electric secured funding through both equity and debt, channeling these resources into its gigafactory project in Tamil Nadu. The facility is slated to begin operations in early 2024 and aims to contribute significantly to environmental decarbonization efforts.
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