Leading India’s largest electric two-wheeler maker (e2w) Ola Electric has raised Rs 2,763 crore from Marquee Anchor investors at Rs 76 per equity share. Bhavish Aggarwal-led Ola Electric’s initial public offering (IPO) will open on Friday (August 2), allocating 36.35 Cr shares to 84 anchor investors. The anchor allotment was made to over 80 domestic as well as foreign funds.
About Rs 1,1117 crore was allotted to domestic mutual funds (MF) of which SBI MF, HDFC MF, Nippon MF, and UTI MF were also present. Templeton Global, Nomura, Amundi, Jupiter Global, and Goldman Sachs were present among the foreign funds. The leading startup mentioned that a total of 10 mutual funds applied through 31 schemes for the shares.
Ola Electric’s IPO which has set a price band of INR 72-76 per share for its public issue will close on August 6. While at the upper end of the price band, it would raise INR 6,145.6 cr. The IPO comprises a fresh issue of shares worth up to INR 5,500 cr and an offer-for-sale (OFS) of up to 8.49 cr shares.
This startup’s IPO will have a 75% allocation toward qualified institutional buyers (QIBs), while the other 15% and 10% are towards the non-institutional investor (NII) and retail. Some of the book runners for its IPO are Kotak Mahindra, Citigroup, BofA Securities, Axis Capital, Goldman Sachs, and ICICI Securities.
In December 2023, the company filed its IPO draft papers with SEBI. Initially, the public issue included a fresh issue of shares worth INR 5,500 Cr and an OFS component of up to 9.51 Cr shares. However, the OFS amount saw a decline in its red herring prospectus (RHP).
In the financial year 2023-24 (FY24), Ola Electric’s net loss increased 7.6% to INR 1,584.4 Cr from INR 1,472.1 Cr in the previous year. On the other hand, its operating revenue jumped over 90% to INR 5,009.8 Cr during the year under review from INR 2,630.9 Cr in FY23.
