Ola Electric IPO: Top 10 metrics to watch out for

Ola Electric IPO: Top 10 key figures to watch out

Homegrown electric vehicle manufacturer Ola Electric's Rs 6,146-crore initial public offering, one of the biggest this year, opens for bidding on August 2. The electric vehicle maker has fixed a price band of Rs 72-76 for the offer, which is the first IPO from an Indian EV two-wheeler manufacturer.

The IPO comprises a fresh issue of Rs 5,500 crore and an offer for sale (OFS) of up to 84.94 million shares. On the upper price band, OFS adds up to Rs 645.96 crore.  The IPO closes August 6, while the anchor book will open for a day on August 1.

Here are the top 10 key numbers to watch out for:

Ola Electric's revenue growth 

Ola Electric FY24 operating revenues jumped 90 percent to Rs 5,009 crore, driven by a surge in e-scooter sales which cemented the company's dominance with over 50 percent market share, the company's red herring prospectus says.

Losses from FY22 -FY24

The company's losses have widened on rising expenses like research, tech and other costs.

Total expenses  

Ola Electric's total expenses include cost of material consumed, employee costs and other costs. It has more than doubled in FY24 year-on-year.

Borrowings have gone up since FY22

The company's borrowings, through banks and other financial institutions, have been rising. Borrowings are the sum of all financial obligations a company owes, both short and long-term.

Marketing and ad expenses 

The company's marketing and advertising expenses went up 29 percent in FY24 from the previous year.

How much has Ola Electric spent on technology 

Technology is at the heat of Ola Electric's business model. According to the RHP, it has two key interconnected elements: EV technology, which includes hardware and software components that power EV scooters, and  MoveOS, its modular, scalable software architecture that powers EV scooter and product features.

Big R&D push

Ola Electric has committed to spend around Rs 1,600 crore from its IPO proceeds on research and development.

Import-domestic supply mix  

Ola Electric has been working towards reducing its import-dependence. The firm also said that by early next year, it will use homegrown cells in its electric scooters.

Directors' remuneration  

Founder Bhavish Aggarwal will receive Rs 12 crore as the annual remuneration. Here is what other directors and KMPs will get:

Government incentives received by Ola Electric in FY24

Ola Electric was the first Indian e-scooter company to be eligible for the government's production-linked incentive (PLI) scheme.