Ola Electric IPO Details: The Indian electric vehicle company Ola Electric will offer shares in the price range of Rs 72-76 in its initial public offering (IPO) worth Rs 5,500 crore, which will open for subscription on August 2 and close on August 6. Around 10% of the IPO will be reserved for retail investors.

The IPO will include an offer for sale (OFS) component of up to Rs 84.94 million, which translates to Rs 645.96 crore (at the upper price band). As a result, the total issue size will be Rs 6,145.96 crore, raising Ola Electric's market capitalization to almost Rs 33,500 crore.

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Bhavish Aggarwal and Indus Trust, Ola Electric's promoters, will sell Rs 3.79 crore and Rs 41.79 crore worth of shares, respectively. Other investors in the EV company, including SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III Pte, Matrix Partners India Investments III LLC, and Ashna Advisors LLP, will also sell their shares through the OFS route.

Ola Electric is planning to use around Rs 1,227 crore of its IPO proceeds to increase the capacity of its cell manufacturing plant. The EV firm will also use the IPO money for research, product development, and business expansion.

Ola Electric's net loss increased by 7.6% to Rs 1,584.4 crore in FY24, from Rs 1,472.1 crore in the previous fiscal. According to its red herring prospectus, the firm reported a 90% rise in its operating income to Rs 5,009.8 crore in FY24 from Rs 2,630.9 crore in FY23.

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(With IANS Inputs)