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Ola Electric IPO to open for retail subscription on August 2
team-bhp.com, 30 Jul '24

Headlines 30 Jul 2024


Ola Electric's much-awaited initial public offering (IPO) is now set to open for retail subscription on August 2nd, 2024.

The Bangalore-based start-up has proposed to raise up to Rs. 55 billion (US$ 661 million) through a fresh issue and an offer-for-sale (OFS) component of 95.2 million shares.

Ola plans to use the proceeds from the IPO to expand the capacity of its cell manufacturing unit from 5 GWh to 6.4 GWh. A part of it will be used to repay loans, while the remaining will be invested in research and product development.

Ola Electric's revenue from operations has more than doubled since FY2023. The company posted a revenue of Rs. 50 billion in FY2024 compared to Rs. 26.3 billion in the previous fiscal. It reported a loss of Rs. 16 billion in FY2024.

Currently, Ola Electric has a market share of 46%. It offers a wide range of electric scooters. The EV maker also plans to introduce an electric motorcycle.