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IPO · Mobility & Logistics

Ola Electric files papers for its IPO

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Ola Electric logo
Date
Company
Ola Electric
What it does
Electric scooters and battery cells
Kind
IPO
Amount
$662M
Stage
DRHP
Based in
Bengaluru
Founded
2017
Sector
Mobility & Logistics

What they do

Ola Electric, the scooter maker founded by Bhavish Aggarwal, had raised nearly $1 billion and was last valued at $5.4 billion

What happened

In December 2023 it filed draft IPO papers to raise about $662 million in new shares, plus a sale of about 9.5 crore existing shares

Why it matters

Selling holders included Aggarwal, SoftBank, Tiger Global and Matrix; much of the new money was for its cell factory

The details

  • Ola Electric filed draft IPO papers with SEBI on 22 December 2023.
  • It sought about $661.8 million through new shares.
  • About 9.52 crore existing shares would also be sold.
  • Sellers included Bhavish Aggarwal, Alpha Wave, Tiger Global, Matrix Partners and SoftBank.
  • Kotak, Citi, BofA, Goldman Sachs and others were to run the issue.

The bigger picture

  • It came two months after the ₹3,200 crore round from Temasek and SBI.
  • About $150 million was for expanding the cell factory to 6.4 GWh.
  • It aimed for a valuation of $6.5 to 8 billion, a person familiar said.

About the business

  • Ola Electric was India's top electric scooter seller.
  • It was building a cell gigafactory.
  • It is based in Bengaluru.

The deal

Type
ipo

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