Ola Electric has unveiled plans for its initial public offering (IPO) to raise ₹8,500 crore, positioning it as one of the largest IPOs in India by size. This marks a historic moment as Ola Electric becomes the first automaker to list on Indian stock exchanges since Maruti Suzuki’s IPO more than two decades ago. As a trailblazer in the electric vehicle (EV) sector, the company is setting a precedent by being the first pure-play EV manufacturer to go public in India.
The IPO will include a combination of fresh shares and offerings from existing investors, such as global giants Temasek and SoftBank. Ola Electric, focusing on the expansion of its EV production capabilities, is gearing up to submit its draft prospectus for the IPO in December.
In a strategic move to boost its gigafactory project in Tamil Nadu, Ola Electric secured funding in October through a mix of equity and debt. The gigafactory is set to commence operations in early 2024, contributing significantly to environmental decarbonization initiatives.