{"id":1282487,"date":"2024-06-14T07:14:10","date_gmt":"2024-06-14T01:44:10","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1282487"},"modified":"2024-06-14T07:14:30","modified_gmt":"2024-06-14T01:44:30","slug":"its-official-indias-1st-ever-ev-startup-ipo-will-be-ola-electric","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/its-official-indias-1st-ever-ev-startup-ipo-will-be-ola-electric\/","title":{"rendered":"It’s Official! India’s 1st Ever EV Startup IPO Will Be Ola Electric"},"content":{"rendered":"\n
\"It's<\/figure>\n\n\n\n

The prominent EV startup based in Bengaluru, Ola Electric  has received a nod of approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), as per the latest media report. <\/p>\n\n\n\n

SEBI Giving Nod To Ola Electric IPO<\/strong><\/p>\n\n\n\n

It appears that the Bhavish Aggarwal-led Ola Electric expects a formal approval for its  Rs 5,500 crore initial public offering (IPO) from India’s markets regulator by the end of this week.<\/p>\n\n\n\n

This would be setting the stage for the first IPO by a pure-play electric two-wheeler maker in India.<\/p>\n\n\n\n

Apparently, it holds a great significance as it marks the first instance of an EV startup in India securing Sebi’s green light for an IPO. <\/p>\n\n\n\n

We can expect a formal announcement from Sebi, in the coming days, as per the media report<\/a>.<\/p>\n\n\n\n

Recently, the founder of Ola Electric, Bhavish Aggarwal, has reportedly informed a select group of employees about Sebi’s approval.<\/p>\n\n\n\n

On December 22, the electric vehicle manufacturer had submitted its draft red herring prospectus (DRHP) to Sebi, outlining its plan to raise up to Rs 5,500 crore through a fresh issue of shares. <\/p>\n\n\n\n

This IPO will include an offer-for-sale (OFS) component involving 95.2 million shares.<\/p>\n\n\n\n

It appears that Ola Electric is targeting a valuation of $6 billion through the public offering, media reported.<\/p>\n\n\n\n

The person familiar with the matter confirmed that the company has obtained the Securities and Exchange Board of India (Sebi)’s nod for its IPO, and the final observations are expected within a week. <\/p>\n\n\n\n

The vehicle maker plans to list within a month, citing favorable market conditions, despite recent market volatility, the person added, seeking anonymity.<\/p>\n\n\n\n

So far, Ola Electric and Sebi did not release any statement in this regard.<\/p>\n\n\n\n

How Did This Happen?<\/strong><\/h2>\n\n\n\n

Earlier media reported that Ola Electric was nearing the signing of anchor investors for its IPO, during March.<\/p>\n\n\n\n

It seems that the firm had also been highlighting its under-development, cutting-edge battery technology as its unique selling proposition during roadshows.<\/p>\n\n\n\n

During that time, the investors including Singapore-based Eastspring, a subsidiary of Prudential Plc, and UK-based Pictet, had expressed interest in becoming anchor investors.<\/p>\n\n\n\n

By December, Ola Electric had filed a draft red herring prospectus (DRHP) with Sebi to raise up to  Rs 5,500 crore through a fresh equity issue. <\/p>\n\n\n\n

 Besides this, the company has proposed an offer for sale (OFS) of 95.12 million equity shares at a face value of  \u20b910. <\/p>\n\n\n\n

It seems that the founder and chief executive Aggarwal plans to sell the largest chunk of shares that is 47.3 million, or half of the total shares offered for sale.<\/p>\n\n\n\n

Interestingly, this filing of the draft papers coincided with Ola Electric surging past the 40% market share milestone in electric two-wheeler sales.<\/p>\n\n\n\n

This appears to be fuelled by substantial discounts and a broad selection of competitively-priced e-scooters across price ranges.<\/p>\n\n\n\n

 Proving the same, Ola remained the dominant player in India’s e-two-wheeler market by volume by the end of May.<\/p>\n","protected":false},"excerpt":{"rendered":"

The prominent EV startup based in Bengaluru, Ola Electric  has received a nod of approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), as per the latest media report.  SEBI Giving Nod To Ola Electric IPO It appears that the Bhavish Aggarwal-led Ola Electric expects a formal approval […]<\/p>\n","protected":false},"author":27,"featured_media":1282495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5481,5480],"class_list":["post-1282487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-electric-startup","tag-ola-ipo"],"acf":[],"yoast_head":"\nIt's Official! 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