Ola Electric IPO to open for retail subscription on August 2

The electric 2-wheeler maker has proposed to raise up to Rs 5,500 crore.

Ola Electric's much-awaited initial public offering (IPO) will open for retail subscription on August 2.

The Bangalore-based startup has proposed to raise up to Rs 5,500 crore through a fresh issue and an offer-for-sale (OFS) component of 95.2 million shares. The company plans to use the proceeds from the IPO to expand the capacity of its cell manufacturing unit from 5 GWh to 6.4 GWh. A part of it will be used to repay loans, while the remaining will be invested in research and product development.

Ola Electric's revenue from operations has more than doubled since FY2023. The company posted a revenue of Rs 5,009.8 crore in FY2024 compared to Rs 2,630.9 crore in the previous fiscal. It reported a loss of Rs 1,584.4 crore in FY2024.

Currently, Ola Electric has a market share of 46%. It offers a wide range of electric scooters. The EV maker also plans to introduce an electric motorcycle.

Source: Business Standard