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India’s homegrown electric two-wheeler manufacturer Ola Electric has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI), a media report. According to Moneycontrol, citing sources, the fresh issue component will consist of Rs 5,500 crore (approximately $730 million) and the balance would be the OFS (offer for sale) category, around Rs 1,750 crore (approximately $233 million).
This will be the first-ever Initial Public Offering (IPO) by an Indian EV firm.
Moreover, the media reports earlier said that through the IPO, Ola Electric plans to expand its EV business and establish a lithium-ion cell manufacturing facility. The company started sales in December 2021 and has sold over 3,53,000 units to date.
Meanwhile, Bhavish Aggarwal-driven Ola Electric’s net loss nearly doubled to ₹1,472 crore in FY23, from ₹784.1 crore in the previous fiscal year, as expenses surged significantly.
The electric vehicle company reported an EBITDA loss of ₹1,318 crore as its total expenses jumped to Rs 3,383 crore, in comparison to ₹1,240 crore in FY22.
India’s EV major OLA to raise $730 million with IPO
