One of the most eagerly awaited public offerings in the Indian stock market moved one step closer to a market debut as Ola Electric filed its draft red herring prospectus with market regulator Sebi, multiple industry sources in the know told Moneycontrol.
The IPO would set a precedent as this is the first attempt at a public listing by an Indian EV (electric vehicle) firm.
"The e-filing of the draft papers has been done with Sebi and its a significant moment for the Indian EV ecosystem. Ola Electric is looking to raise a combined amount of around Rs 7250 crore." said one of the persons above .
On May 25, Moneycontrol was the first to report that Ola Electric has roped in Kotak Mahindra Capital and Goldman Sachs for an IPO in early 2024. At the time, sources said the planned IPO will be a combination of primary and secondary share offerings.
Also Read: Ola Electric taps Kotak, Goldman Sachs for IPO, likely to hit market in early 2024
A second person told Moneycontrol the fresh issue component will consist of Rs 5,500 crores and the balance would be the OFS (offer for sale) category, around Rs 1,750 cr. Ola Electric CEO Bhavish Agarrwal, Softbank, Temasek, Tiger Global, Alpha Wave, Tekne and Matrix Partners would be the selling shareholders, a third source said. The third person added that the estimated target valuation for the IPO was around $7.5 bn.
Kotak Mahindra Capital, Citi, Goldman Sachs, Bofa Securities, ICICI Securities, Axis Capital, SBI Capital and BoB Capital are the investment banks working on the IPO, a fourth source added.
In terms of legal advisors, Cyril Amarchand Mangaldas is the company counsel and Shardul Amarchand Mangaldas is the bankers counsel.
All the four persons above spoke to Moneycontrol on the condition of anonymity. Moneycontrol could not elicit an immediate comment from Ola Electric or its advisors.
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