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OLA Electric Files DHRP With SEBI for IPO of Fresh Issue of Rs 5500 Crore

OLA Electric, a pure EV player in India that is building vertically integrated technology and manufacturing capabilities for EVs and EV components, is eyeing an IPO of a Fresh Issue of Shares to raise a total capital of Rs 5500 Crore and also provide an Offer for Sale of 9.5 Crore Shares.

Pre-Offer Shareholder & Valuation

Company major shares are held by Founder & Promoter Group, Bhavish Aggarwal, totalling 45.14%. The second largest shareholder is SoftBank holding 21.98% followed by Tiger Global holding 6.03% and Alpha Wave holding 3.49%.

As per the DHRP and calculation by The Number News , last funding round of Series E valued Ola Electric at $5.5 Billion .

Objects of the Offer are :

1. Capital expenditure for Cell Manufacturing Unit (Ola Gigafactory)- Rs. 1226 Crore

2. Repayment of Debt - Rs. 800 Crore

3. Investment into R&D - Rs. 1600 Crore

4. Expenditure for Organic Growth - Rs. 350 Crore

5. General Corporate Purpose - Balance

Key Financial Matrix of Ola Electric

  1. Revenue : Company clocked a revenue of Rs. 2630 Crore in FY22-23 and Rs. 1242 Crore in June 23 (Average Annual Revenue Rate Rs. 4970 Crore in FY24)

  2. Gross Margin : Direct Material Cost in FY23 was 95.2% and 89.6% in FY23.

  3. Net Loss : Net Loss stood at Rs. 1472 Crore in FY23 and Rs 267 Crore in June'23 Quarter.

The company has also been approved for India’s production-linked schemes -- one relating to manufacturing advanced automotive technology products and another on advanced cell chemistry batteries.


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