Ola Electric Opens For 2024's Biggest Issue with IPO Size of ₹6,146 Cr Notably, this will be the largest since the state-owned Life Insurance Corp (LIC) of India's INR 21,000 crore IPO in May 2022
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Ola Electric, on Friday, opened its INR 6,146 crore Initial Public Offering (IPO) for subscription and will conclude on August 6.
Notably, this will be 2024's biggest issue till date and the largest since the state-owned Life Insurance Corp (LIC) of India's INR 21,000 crore IPO in May 2022.
Founded in 2017 by Bhavish Aggarwal as an electric two-wheeler manufacturer, Ola Electric boasts of having a 39 per cent share in India's two-wheeler electric market. It is a wholly-owned subsidiary of ANI Technologies, the parent entity of Ola Cabs.
The price band has been fixed in the range of INR 72 to INR 76 per equity share of face value of INR 10. The offer comprises a fresh issue of 72.37 crore shares, raising INR 5,500 crore, and an offer for sale of 8.49 crore shares, amounting to INR 645.56 crore. Ola has set aside 75 per cent shares for qualified institutional buyers (QIB).
According to the December 2023 DRHP filing, the transition is expected to see share offloading by Aggarwal, Indus Trust, Alpha Wave Ventures II, Alpine Opportunity Fund VI, DIG Investment IV AB, Internet Fund III, MacRitchie Investments, Matrix Partners India Investments III, SVF II Ostrich (DE), and Tekne Private Ventures XV.
Notably, sister-brother duo Zoya and Farhan Akhtar, producer Ritesh Sidhwani, and Paytm's Vijay Shekhar Sharma will be retaining their holdings.
The book-running lead managers for the process are Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, and BOBCAPITAL Markets. Meanwhile, Link Intime India will serve as the registrar for the issue.
Ola Electric will see its shares be listed on BSE and NSE.
