Ola Electric Files IPO Papers: First Auto IPO in 20 Years

New Delhi, Dec 22 (PTI) Electric two-wheeler company Ola Electric on Friday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO)-- the first issue by an automaker in India in more than 20 years.

The proposed IPO is a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 95,191,195 equity shares, according to the draft red herring prospectus (DRHP).

Proceeds from the fresh issue will be used for capital expenditure to be incurred by the subsidiary, OCT for the Ola Gigafactory project, payment of debt by subsidiary OET, investment into research and product development, expenditure for organic growth initiatives and general corporate purposes.

The company manufactures EVs and core EV components such as battery packs and motors.