Get App
OLA Electric IPO is a book-built issue of Rs 6,145.56 crores. The issue is a combination of a fresh issue of 72.37 crore shares aggregating to Rs 5,500.00 crores and an offer for sale of 8.49 crore shares aggregating to Rs 645.56 crores.
The IPO opens for subscription on August 2, 2024, and closes on August 6, 2024. The price band is set at ₹72 to ₹76 per share and the minimum lot size for an application is 195 Shares
Company Summary
Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Future factory.
The business model relies on three key scalable platforms
- The R&D and technology platform with in-house design and development of EV technologies and components
- The adaptable production and supply chain platform
- The D2C omnichannel sales platform
Since August 2021, the company has launched seven new products and announced four. The Ola S1 Pro, the first EV model, was delivered in December 2021, followed by the Ola S1, Ola S1 Air, Ola S1 X and Ola S1 X+ in the following years. On August 15, 2023, the company announced new EV models and a range of motorcycles including Diamondhead, Adventure, Roadster, and Cruiser.
As of October 31, 2023, the company operates its “omnichannel distribution network across India, comprising 870 experience centers and 431 service centers (including 429 service centers in experience centers), in addition to the Ola Electric website.
As of March 31, 2024, the company had 959 employees (including 907 permanent employees and 52 freelancers) who focus on research and development. They are dedicated to product development, vehicle and software development, vehicle design, and cell development.
Company Strengths
The R&D spending in Fiscals 2024, 2023, and 2022 amounted to ₹3,851.06 million, ₹5,077.11 million, and ₹1,758.40 million.
Their battery packs have received an IP67 rating from the Automotive Research Association of India, which signifies that the E2Ws are protected against water ingress and are therefore able to operate in certain challenging environments.
Their EV electronics systems connect and integrate all core EV components to offer smart EV features related to the movement of the scooters and other tasks to enable an integrated human-machine interface. It includes different control units such as MCU, EV control unit, BMS, and an integrated centralized computing system. The centralized computing system enables central decision-making for EV operations leading to better control.
Their customers have access to their charging network comprising 250 hyper charger guns and 764 standard charger guns as of March 31, 2024, with hypercharging guns spread across 17 states and standard charging guns spread across 21 states
Company Financials
Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
Assets | 7,735.41 | 5,573.17 | 5,395.86 | 2,112.64 |
Revenue | 5,243.27 | 2,782.70 | 456.26 | 106.08 |
Profit After Tax | -1,584.40 | -1,472.08 | -784.15 | -199.23 |
Net Worth | 2,019.34 | 2,356.44 | 3,661.45 | 1,970.62 |
Reserves and Surplus | -2,882.54 | -1,380.03 | -68.83 | 1,999.30 |
Total Borrowing | 2,389.21 | 1,645.75 | 750.41 | 38.87 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The company proposes to utilize the Net Proceeds towards funding the following objects
- Capital expenditure to be incurred by its Subsidiary, OCT for expansion of the capacity of its cell manufacturing plant from 5GWh to 6.4 GWh, classified as phase 2 under the expansion plan
- Repayment or pre-payment, in full or part, of the indebtedness incurred by its Subsidiary, OET.
- Investment into research and product development.
- Expenditure to be incurred for organic growth initiatives.
- General corporate purposes.
Promoters of the company
Bhavish Aggarwal, aged 38 years, is the Chairman and Managing Director and the Promoter of our Company. The Promoter holds 1,361,875,240 equity shares of the face value of ₹10 each in our Company, representing 36.94% of the issued, subscribed, and paid-up Equity Share capital of our Company
IPO details
| IPO Date | August 2, 2024 to August 6, 2024 |
| Listing Date | Friday, August 9, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹72 to ₹76 per share |
| Lot Size | 195 Shares |
| Total Issue Size | 808,626,207 shares (aggregating up to ₹6,145.56 Cr) |
| Fresh Issue | 723,684,210 shares (aggregating up to ₹5,500.00 Cr) |
| Offer for Sale | 84,941,997 shares of ₹10 (aggregating up to ₹645.56 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 195 | ₹14,820 |
| Retail (Max) | 13 | 2535 | ₹192,660 |
| S-HNI (Min) | 14 | 2730 | ₹207,480 |
| S-HNI (Max) | 67 | 13065 | ₹992,940 |
| B-HNI (Min) | 68 | 13260 | ₹1,007,760 |
Allotment Schedule
| Basis of Allotment | Wednesday, August 7, 2024 |
| Initiation of Refunds | Thursday, August 8, 2024 |
| The credit of Shares to Demat | Thursday, August 8, 2024 |
| Listing Date | Friday, August 9, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 6, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not more than 15% of the Net Issue |
To check allotment, click here