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Ola Electric Files For IPO: Check Face Value, Opening And Closing Date, Issue Size & More
The proposed Initial Public Offering (IPO) encompasses a fresh equity share release of up to Rs 5,500 crore and an offer for sale (OFS) involving 95,191,195 equity shares at a face value of Rs 10.
New Delhi: Bhavish Aggarwal, the founder of Ola Electric, is gearing up for a significant development as the company filed preliminary draft papers with SEBI on December 22. The filing reveals Aggarwal's intention to sell approximately 47.4 million shares in the SoftBank Group-backed e-scooter maker.
Face Value
The proposed Initial Public Offering (IPO) encompasses a fresh equity share release of up to Rs 5,500 crore and an offer for sale (OFS) involving 95,191,195 equity shares at a face value of Rs 10. (Also Read: Bank Holidays January 2024: Check City-Wise List And Number Of Days Bank Branches Will Remain Closed)
IPO Reservation
The IPO process will adopt a book-building approach, with specific allocations earmarked: 75 percent of the issue for qualified institutional buyers (QIBs), up to 15 percent for non-institutional investors (NIIs), and not exceeding 10 percent for retail individual bidders. (Also Read: 'Aaj Realize Hua That Starbucks Is...:' Anupam Mittal Criticises Starbucks For THIS Reason)
This marks a historic moment as it will be the first IPO by an Indian electric vehicle (EV) maker and the first by a two-wheeler manufacturer in India since Bajaj Auto's debut in 2008. Ola Electric, based in Bengaluru and backed by SoftBank and Temasek, achieved a valuation of $5.4 billion in a recent funding round.
Key IPO Details:
- Fresh issue of equity shares up to Rs 5,500 crore.
- Offer for sale (OFS) of 95,191,195 equity shares at a face value of Rs 10.
- Bhavish Aggarwal to sell up to 47.4 million shares, according to draft papers dated December 22.
- Bhavish Aggarwal had previously invested Rs 45 lakh in Pune-based EV startup Tork Motorcycles.
IPO Opening And Closing Date
As per the Draft Red Herring Prospectus (DRHP) filed by Ola Electric, the opening and closing dates for the Initial Public Offering (IPO) subscription have not been officially disclosed.
While the DRHP does not specify these dates, various media reports suggest that the public issue is expected to commence in early 2024. Additionally, the offer price and IPO price band remain undisclosed at this stage.