Ola Electric, the first Indian electric two-wheeler manufacturer to go public, is gearing up to launch its IPO next month. The IPO will include a fresh issue of shares worth ₹5,500 crore and an offer for sale of 645.56 equity shares. Ola Electric is expected to have a GMP of 16% before its opening, with the IPO set at a price band of ₹72-76 per share. The company's shares will be listed on both the BSE and NSE on August 9, marking a significant milestone in the Indian electric vehicle industry.
Ola Electric IPO: A Milestone in India's Electric Vehicle Revolution
Ola Electric, a leading Indian electric two-wheeler manufacturer, is set to become the first company in its sector to go public. The highly anticipated IPO is expected to launch next month, marking a significant milestone in the country's electric vehicle (EV) industry.
Background:
Founded in 2017 by Bhavish Aggarwal, Ola Electric has quickly established itself as a market leader in the rapidly growing Indian EV space. The company has invested heavily in research and development, resulting in the launch of its flagship electric scooter, the S1 Pro. The S1 Pro has received widespread acclaim for its advanced features, performance, and affordability.
IPO Details:
The Ola Electric IPO will comprise a fresh issue of shares worth ₹5,500 crore and an offer for sale of 645.56 equity shares. The IPO is priced at a band of ₹72-76 per share and is expected to have a Grey Market Premium (GMP) of 16% before its opening.
The shares are set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on August 9, 2023.
Significance:
Ola Electric's IPO is a major event for the Indian EV industry. It represents a validation of the growing demand for electric vehicles in the country and underscores the confidence of investors in Ola Electric's potential.
The proceeds from the IPO will provide Ola Electric with the resources to further accelerate its growth plans. The company aims to expand its production capacity, develop new models, and invest in cutting-edge technologies to maintain its competitive advantage.
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