New Delhi. The Rs 6,145.96 crore IPO of domestic electric vehicle company Ola is going to open for general investors on August 2. Bids for this IPO can be placed till August 6. Its price band has been fixed from Rs 72 to Rs 76 per share.
10 percent of this IPO has been reserved for retail investors.
The size of Ola's public issue will be Rs 6,145.96. According to this, the market cap of the company will be around Rs 33,500 crore.
The IPO will also have an offer for sale of 84.94 million shares, whose value will be around Rs 646 crore (according to the higher band price). At the same time, the size of the fresh issue will be Rs 5,500 crore.
In the OFS, 3.79 crore and 41.79 lakh shares will be sold by Ola Electric promoters Bhavesh Aggarwal and Insad Trust, respectively.
Apart from this, SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III PTE, Matrix Partners India Investments III LLC and Aashna Advisors LLP will also participate in the OFS.
Ola Electric will use Rs 1,227 crore out of the amount raised from the IPO to expand the cell manufacturing plant. Apart from this, the amount raised from the IPO will also be used for product development and business expansion and research.
Ola Electric reported a loss of Rs 1,584 crore in FY24 as against Rs 1,472 crore in FY23.
The company's revenue registered a jump of 90 per cent to Rs. 5,009.9 crore in FY24 from Rs. 2,630.0 crore in FY23.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.