OLA Electric IPO
SEBI has approved the IPO of electric vehicle manufacture OLA Electric. The company will raise Rs 5,500 crore through this. This will be the first IPO of an EV startup in the country. Also, this will be one of the biggest IPOs of New Age. According to the information available on the website of the Securities and Exchange Board of India (SEBI), the draft documents related to the IPO have been approved on June 10.
How big will the IPO be
Ola Electric’s proposed IPO will offer for sale 9.52 crore equity shares held by promoters and investors, in addition to issuing new shares worth Rs 5,500 crore. Bengaluru-based Ola Electric introduced its first EV two-wheeler model in August 2021. Apart from manufacturing electric two-wheeler, it also manufactures battery packs and motors for them.
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Applied last year
The Bengaluru-based company filed its draft red herring prospectus (DRHP) with SEBI on December 22, proposing to raise up to Rs 5,500 crore through the issue of new shares, in additions to an offer-for-sale (OFS) of 95.2 million shares. The company may target a valuation of $6 billion through the IPO.
Emcure Pharmaceuticals IPO also gets green signal
SEBI has also approved the IPO of pharmaceutical company Emcure Pharmaceuticals. The company will issue new shares worth Rs 800 crore through the IPO and will offer for the sale 1.36 crore equity shares held by the promoters. The amount raised from the IPO will be used for repayment of debt and general company operations.