Ola Electric IPO's anchor book likely on August 1; issue may launch between August 2-6 for public

Ola Electric filed its draft red herring prospectus (DRHP) with the market regulator Sebi on December 22, 2023.

Bhavish Aggarwal-led Ola Electric is gearing up to launch the anchor book for its widely anticipated IPO on August 1, with the issue likely to open for public subscription from August 2 to August 6, multiple industry sources in the know told Moneycontrol. August 3 and August 4 fall on the weekend.

As per the proposed timeline, the listing of the firm, which is set to become the first-ever Indian EV two-wheeler to drive into Dalal Street, is likely on August 9, sources added.

When contacted, Ola Electric declined to comment.

On July 24, Moneycontrol had reported that Ola Electric is looking to raise around $740 million via a combination of a fresh issue and an offer for sale and is targeting a post-money valuation between $4bn to $4.25 billion. The firm competes with the likes of TVS Motors, Bajaj Auto and Ather Energy.

Ola Electric filed its draft red herring prospectus (DRHP) with the market regulator Sebi on December 22, 2023.

Kotak Mahindra Capital, Axis Capital, Goldman Sachs, ICICI Securities, Citi, BofA Securities, SBI Caps and BoB Caps are the investment banks working on the deal. Law firm Cyril Amarchand Mangaldas is the company counsel.

On May 25, 2023 , Moneycontrol was the first to report that Ola Electric had roped in Kotak Mahindra Capital and Goldman Sachs as advisors for an IPO.

On April 19, Moneycontrol was also the first to report that ANI Technologies, the parent company of Ola Cabs, had initiated preliminary discussions with investment banks as the holding firm also evaluates the potential launch of an IPO of the ride hailing business.

As per its draft papers, existing shareholders were said to sell 95.19 million shares in the OFS. Founder Bhavish Aggarwal will be selling 47.3 million shares. The firm’s initial investors — AlphaWave, Alpine, DIG Investment, Matrix, and others will also be selling 47.89 million shares via the OFS as per the draft filing with the regulator.

As per the DRHP, Ola Electric will utilise the proceeds for capex, repaying debt, and research and development (R&D).