The Ola Electric IPO will mark the first IPO by an auto company in two decades


Ola Electric's upcoming IPO will mark the first time in over twenty years that an Indian automaker has made such an offering. Back in 2003, Maruti Suzuki (then known as Maruti Udyog) introduced their IPO to the market.


The Ola Electric IPO is predicted to be around Rs 8,500 crore (approximately $1 billion), making it one of the top 15 IPOs in India in terms of size, according to industry data. Additionally, it is anticipated that Ola Electric will be the first electric vehicle (EV) manufacturer to list on the Indian stock exchanges.

Ola Electric is set to submit the draft prospectus in the upcoming month. Sources mentioned that the offering will consist of a mix of new shares and shares sold by current investors. Notably, prominent international investors such as Temasek from Singapore and SoftBank from Japan are among the backers.

The company hasn't commented on this story as it is currently in the process of filing the draft offer document.

In October of this year, it managed to secure Rs 3,200 crore by combining equity and debt. The majority of this funding is being allocated towards expediting the establishment of an electric vehicle manufacturing unit and a battery unit at its gigafactory in Tamil Nadu. According to sources, this gigafactory is projected to become operational by early 2024. For those unaware, a gigafactory is a massive production facility dedicated to manufacturing electric vehicles with the goal of reducing carbon emissions and promoting environmental sustainability.





Location: India

Comments

Post a Comment

Popular posts from this blog

ED Filed Charge Sheet Against Chinese Company Vivo; 4 People Were Arrested

Image
ED Filed Charge Sheet Against Chinese Company Vivo; 4 People  Were Arrested Among those arrested is a Chinese national The Enforcement Directorate (ED) has filed the first chargesheet against the India arm of major Chinese smartphone maker Vivo under the Prevention of Money Laundering Act (PMLA) in a special court in New Delhi. The ED had found that Vivo India illegally transferred Rs 62,476 crore to its parent company in China to evade taxes in India. In July last year, the ED raided the offices of Vivo in India and the offices of people related to the company. A Chinese national was also arrested ED has arrested 4 people including a Chinese national in connection with the case. Hari Om Rai, managing director of Lava International Mobile Company, Chinese national Guangwen (Andrew Kwong), chartered accountants Nitin Garg and Rajan Malik were arrested. Lava's founder Hari Om Rai had argued in court that Lava and Chinese company Vivo had held talks a decade ago to launch a joint vent...
Read more

Biggest Offers From Flipkart Do Check It Out

Image
  Flipkart  End sale announced, sale starts on December 9: iPhone 14, Pixel 7 and more to get at discount price Flipkart has announced that it will be conducting its year-end sale on its platform starting from December 9 and running till December 16. However, those with Flipkart Plus membership can avail the offer a day earlier i.e. December 8. Ahead of the sale, the e-commerce platform has  revealed some of the offers that will be available during the upcoming Flipkart year-end sale. Flipkart  Year End Sale announced, starts on December 9: Check out  the details Popular smartphones such as iPhone 14, Nothing Phone (2), Pixel 7, Moto G54 5G, Realme C53, Samsung Galaxy F14 5G, Poco M6 Pro 5G, Motorola Edge 40 Neo, Samsung Galaxy S21 FE 5G (2023), Vivo T2, etc. are based on Flipkart’s latest sale listing,  iPhone 14 Plus and more will be available at discounted prices. Additionally, the Samsung Galaxy S22 will be priced under Rs 40,000, as hinted at in the p...
Read more
Image
 Google Pay has implemented a nominal convenience fee of Rs 3 for mobile recharges. Google Pay has recently implemented a convenience fee of Rs 3 for mobile recharges on its platform, bringing it in line with other payment platforms such as Paytm and PhonePe, which already levy charges for similar transactions. in short Google Pay currently imposes a convenience fee of Rs 3 for mobile recharges made through its UPI service. The convenience fee is charged for both UPI and card transactions and is valid for prepaid plans bought via Google Pay. Google has not made an official announcement about the charges, even though users noticed the change when a customer shared a screenshot online. Google Pay now requires users to pay a fee of Rs 3 when recharging their mobile phones using the app's UPI service. This is a new charge introduced by Google Pay, as they previously did not charge extra for such transactions. This change brings Google Pay in line with other payment platforms like Paytm...
Read more