December 23, 2023
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Ola Electric files DRHP with Sebi
One of the most eagerly awaited public offerings in the Indian stock market moved one step closer to a market debut as Ola Electric filed its DRHP with market regulator Sebi. This will be the first ever IPO by an Indian EV firm & Chanakya received impressive feedback about this IPO from the cross sections of the investors.
The IPO would set a precedent as this is the first attempt at a public listing by an Indian EV (electric vehicle) firm. The estimated target valuation of the company for the IPO was around $7.5 bn.(approx Rs. 62250 Cr.)
The e-filing of the draft papers has been done with Sebi and it is a significant moment for the Indian EV ecosystem. Ola Electric is looking to raise a combined amount of around Rs 7250 crore.
In the IPO, the fresh issue component will consist of Rs 5,500 crores and the balance would be the OFS (offer for sale) category, around Rs 1,750 cr. Ola Electric CEO Bhavish Agarrwal, Softbank, Temasek, Tiger Global, Alpha Wave, Tekne and Matrix Partners would be the selling shareholders, a third source said.
Lead Managers & Legal Advisors:
Kotak Mahindra Capital, Citi, Goldman Sachs, Bofa Securities, ICICI Securities, Axis Capital, SBI Capital and BoB Capital are the investment banks working on the IPO, a fourth source added.
Cyril Amarchand Mangaldas is the company counsel and Shardul Amarchand Mangaldas is the bankers counsel.
Chanakya discussed about these with the investors about the prospects for this IPO and received impressive feedback from the cross-section. The retail investors expect to get solid avenue for short term gains. Whereas the long-term investors expect to receive rare opportunity to add multi-bagger stock in their portfolio.
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