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EV startup Ola Electric gets SEBI nod for ₹7,250 cr IPO
The IPO of Ola Electric comprises a fresh issue of equity shares worth ₹5,500 crore and an OFS of 9.5 crore equity shares by existing shareholders.
The IPO of Ola Electric comprises a fresh issue of equity shares worth ₹5,500 crore and an OFS of 9.5 crore equity shares by existing shareholders.
Ola Electric, the country's largest electric scooter maker, clocked 37,225 registrations in May, a 9% rise over the previous month when incentives were slashed to ₹10,000 per vehicle.
Ola Cabs, which is a wholly-owned subsidiary of ANI Technologies, said that the decision has been taken as it reassesses its priorities and focuses on domestic operations.
The IPO of Bhavish Aggarwal-led EV company is a mixture of fresh issue of equity shares up to ₹5,500 crore and an offer for sale of 9.5 crore equity shares.
The electric two-wheeler manufacturer's operating revenue surged from ₹0.86 crore in FY21, to ₹373.42 crore in FY22.
Of the total MoUs signed, 80% have either confirmed investment or have started work in the state, says industries minister T.R.B. Raaja
Spread across 115 acres, the Ola Gigafactory will begin operations by early next year
The government has reduced FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) subsidy on electric two-wheelers from June 1, 2023.
The development comes months after the two-wheeler maker launched Ola S1 Air in October last year.
Ola and Ola Electric co-founder says India’s EV industry saw 20x growth by 2022-end, with monthly run rate increasing from just 4,000 units a month in June 2021 to 80,000 units towards 2022-end.