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Informative

SEBI greenlights Ola Electric's ₹5,500 crore IPO

Update / Judgement Date

10 Jun 2024

Source

CNBC TV18

Author

Team — WCP Legal Desk

Reading Time

1 min read

SEBI & SCRA

SEBI has approved Ola Electric's ₹5,500 crore IPO, primarily focusing on its primary component, with listing expected within a month. The IPO, proposed back in December 2023, includes a fresh equity issue of up to ₹5,500 crore and an offer for sale (OFS) of up to 9.52 crore shares. \r


Promoter Bhavish Aggarwal plans to divest 4.7 crore shares. Ola Electric aims to utilize IPO proceeds for debt repayment, expanding its EV portfolio, enhancing gigafactory capacity, and funding R&D initiatives. Its total borrowings surged to ₹1,617 crore in FY24. \r


The company also plans to allocate ₹800 crore for debt payment and ₹350 crore for organic growth initiatives, highlighting its strategic priorities.