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Ola Electric first Indian EV maker to file for IPO

23Dec

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Ola Electric first Indian EV maker to file for IPO

MUMBAI: Ola Electric Mobility, the Bhavish Aggarwal-led electric vehicle company, on Friday filed papers with Sebi to go public via an IPO that is estimated to be worth about Rs 10,000 crore. Ola Electric is the first EV company in India planning to go public. It would also be the first automobile company to go for IPO in over 20 years, since Maruti Suzuki (then Maruti Udyog) went public in mid-2003.IPO documents filed by Kotak Mahindra Capital showed that the company would raise Rs 5,500 crore through issuance of new shares. In addition, 10 shareholders are selling part of their holdings, aggregating a little over 9.5 crore shares, through this offer.The money raised through the issuance of new shares would primarily be used for the expansion of Ola Electric's cell manufacturing plant, r...

Rs 3,200 crore to fund its EV business

Ola Electric announced that it has secured about Rs 3,200 crore in funding as part of its equity and debt round. This funding was obtained from Temasek-led marquee investors and project debt from State Bank of India. The funding round, which includes equity, has raised the Bengaluru-based firm’s valuation to $5.5 billion, up from its previous valuation of $5 billion, according to sources. The funds raised are expected to create an interim event and pave the way for an initial public offering (IPO), which may be in the range of $800 million to $1 billion. A person familiar with the company’s strategy said, “Ola is planning to go public in the near future. The public offering is expected to be one of the largest automotive IPOs in India.” Sources indicate that ot...

Ride-Hailing: Ola’s losses widen to Rs 1,522 crore in FY22; EV arm Ola Electric’s losses rise manifold

NEW DELHI: ANI Technologies which runs Ola has reported losses of Rs 1,522 crore on a consolidated basis for the year ended March 31, 2022, recording a 36% year-on-year rise in losses. The ride-hailing major had posted losses of Rs 1,116 crore in FY21, the company’s financials sourced from market intelligence platform Tofler showed.Even as the ride hailing major’s business recovered from the pandemic led disruption—reflected in its revenue from operations which widened to Rs 1,970 crore in FY22 from Rs 983 crore in FY21, the firm’s expenses increased by nearly 68% y-o-y to touch Rs 3,362 crore.Ola which competes with Uber in India recently had its valuation marked down by its investor Vanguard which slashed the valuation of its holding in the company by over 50% to $3.5 billion.Meanwhile,...