MUMBAI: Ola Electrical Mobility, the Bhavish Aggarwal-led electrical automobile 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 Electrical is the primary EV firm in India planning to go public.
It might even be the primary 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 means of issuance of latest shares. As well as, 10 shareholders are promoting a part of their holdings, aggregating a bit of over 9.5 crore shares, by means of this provide.
The cash raised by means of the issuance of latest shares would primarily be used for the growth of Ola Electrical’s cell manufacturing plant, reimbursement 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 Belief, and a few early backers of the EV firm – personal fairness companies like SoftBank, Matrix Companions and Tiger World. Amongst Ola Electrical’s high shareholders are Aggarwal (37%), SoftBank (22%), workers (7.7%) and Tiger World (6%).
It might even be the primary 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 means of issuance of latest shares. As well as, 10 shareholders are promoting a part of their holdings, aggregating a bit of over 9.5 crore shares, by means of this provide.
The cash raised by means of the issuance of latest shares would primarily be used for the growth of Ola Electrical’s cell manufacturing plant, reimbursement 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 Belief, and a few early backers of the EV firm – personal fairness companies like SoftBank, Matrix Companions and Tiger World. Amongst Ola Electrical’s high shareholders are Aggarwal (37%), SoftBank (22%), workers (7.7%) and Tiger World (6%).
