India’s largest electric two-wheeler company by sales Ola Electric Mobility has filed draft red herring prospectus (DRHP) for its initial public offer (IPO). Here are top 10 things to know
It will be the first Indian EV maker to raise funds from public investors and the IPO will be a first by an automobile company in two decades.
The IPO comprises fresh issues and an offer for sale. The company plans to raise Rs 5,500 crore via the issue of fresh equity shares. In the OFS, up to 95,191,195 equity shares will be on offer by promoters and existing investors
Promoter Bhavish Aggarwal will offload over 4.73 crore shares while promoter group Indus Trust will pare over 41,78 lakh shares. The cost of acquisition of shares for Aggarwal was negligible while that for the Trust was zero. Among investors, Softbank Group is the biggest seller, offering over 2.38 crore shares. Other key investors offering their shares are Matrix Partners, Tiger Global and Alpha Wave Ventures II.
Promoter Bhavish Aggarwal holds 36.94% stake in Ola Electric while Indus Trust owns 3.85% stake. Softbank Group’s stake is at 21.98%. Tiger holds 6.03% stake on a pre-offer basis while Matrix Partners owns 3.51% stake.