MUMBAI: Ola Electric Mobility, the Bhavish Aggarwal-led electrical car firm, on Friday filed papers with Sebi to go public by way of an IPO that’s estimated to be value about Rs 10,000 crore. Ola Electric is the first EV firm in India planning to go public.
It would even be the first vehicle firm to go for IPO in over 20 years, since Maruti Suzuki (then Maruti Udyog) went public in mid-2003.
IPO paperwork filed by Kotak Mahindra Capital confirmed that the corporate would elevate Rs 5,500 crore by way of issuance of latest shares. In addition, 10 shareholders are promoting a part of their holdings, aggregating just a little over 9.5 crore shares, by way of this provide.
The cash raised by way of the issuance of latest shares would primarily be used for the enlargement of Ola Electric’s cell manufacturing plant, compensation or pre-payment of debt by one among its subsidiaries, and investments in R&D.
The promoting shareholders within the IPO embrace promoters Aggarwal and Indus Trust, and a few early backers of the EV firm – personal fairness companies like SoftBank, Matrix Partners and Tiger Global. Among Ola Electric’s prime shareholders are Aggarwal (37%), SoftBank (22%), workers (7.7%) and Tiger Global (6%).
It would even be the first vehicle firm to go for IPO in over 20 years, since Maruti Suzuki (then Maruti Udyog) went public in mid-2003.
IPO paperwork filed by Kotak Mahindra Capital confirmed that the corporate would elevate Rs 5,500 crore by way of issuance of latest shares. In addition, 10 shareholders are promoting a part of their holdings, aggregating just a little over 9.5 crore shares, by way of this provide.
The cash raised by way of the issuance of latest shares would primarily be used for the enlargement of Ola Electric’s cell manufacturing plant, compensation or pre-payment of debt by one among its subsidiaries, and investments in R&D.
The promoting shareholders within the IPO embrace promoters Aggarwal and Indus Trust, and a few early backers of the EV firm – personal fairness companies like SoftBank, Matrix Partners and Tiger Global. Among Ola Electric’s prime shareholders are Aggarwal (37%), SoftBank (22%), workers (7.7%) and Tiger Global (6%).
