Ola Electric has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO. The electric mobility company aims to raise ₹5,500 crore through a fresh issue of shares.
Public Offering Details
The public issue includes an offer for sale (OFS) of 9,51,91,195 shares by existing shareholders. Promoter Bhavish Aggarwal will offer 4,73,94,014 shares via OFS, and Indus Trust, a part of the promoter group, will offer 41,78,996 shares.
Amidst institutional stakeholders, Softbank Group will be the largest seller, proposing an offer of 2,38,57,268 shares.
Major Institutional Sellers and Offered Shares
Following Softbank Group, the second-largest institutional seller is venture capital firm Matrix Partners, offering 37,27,534 shares via OFS. Private equity firm Tiger Global is offering up to 63,60,891 shares.
Other sellers in this listing include global investment firm Alpha Wave Ventures II (offering up to 37,82,883 shares), private equity firm Alpine Investors (up to 6,30,336 shares), among various other entities.
Ola Electric plans to raise ₹5,500 crore through the fresh issue, intending to expand its Ola Gigafactory’s cell manufacturing capacity from 5.0 gigawatts to 6.4 gigawatts. This expansion will involve a capital expenditure of over ₹1,200 crore from the company’s subsidiary, Ola Cell Technologies.
In its draft prospectus, the company stated, “We believe that by developing our in-house cell manufacturing capabilities, we will be capable of gaining more control over the quality, supply, and cost of our batteries and EVs.”
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