Ola Electric to launch IPO on August 2

Ola Electric is set to start its IPO process by opening the anchor book on August 1. The public offering will begin on August 2 and will end on August 6. 

The company had previously received approval from SEBI to raise ₹5,500 crore (about $660 million) through the IPO, which includes issuing new shares and offering up to 84,941,997 existing shares for sale.

Ola Electric, led by Bhavish Aggarwal, was valued at $5.5 billion during its last funding round in October. However, in this IPO, the company is aiming for a valuation between $4.2 billion and $4.4 billion. 

The company has raised over $1 billion from investors including SoftBank, Temasek, Blue Investments, DIG Investments, Tiger Global, and the State Bank of India. 

For the fiscal year ending March 2024, Ola Electric reported revenue of ₹5,009.8 crore and a net loss of ₹1,584.4 crore. This is an increase in revenue from the previous fiscal year, where it earned ₹2,631 crore but also faced a loss of ₹1,472 crore.

Ola Electric leads the electric two-wheeler market in India, with a 44% market share in June, selling 36,716 units. Competitors like TVS, Bajaj, and Ather Energy follow in terms of sales.