Ola Electric, the Indian electric vehicle (EV) manufacturer, is gearing up to launch its Initial Public Offering (IPO), becoming the first auto maker in the country to do so in over two decades. The IPO, expected to be valued at around Rs 8,500 crore (approximately $1 billion), will rank among the top 15 IPOs in India by size. This move also positions Ola Electric as the first pure play EV manufacturer to list on the Indian stock exchanges.

The draft prospectus for the IPO is expected to be filed this month. The IPO will comprise a combination of fresh equity and offers for sale by existing investors. Notable global investors, including Temasek from Singapore and SoftBank from Japan, have already invested in Ola Electric.

In October this year, Ola Electric raised Rs 3,200 crore through a mix of equity and debt. The funding is primarily being used to accelerate the development of an EV manufacturing unit and a battery unit at the company’s gigafactory in Tamil Nadu. The gigafactory, scheduled to be operational by early 2024, aims to produce electric vehicles that contribute to reducing carbon emissions and promoting environmental sustainability.

With this IPO, Ola Electric aims to strengthen its position in the Indian EV market and boost its expansion plans. The company has made significant strides in the EV space, including the launch of its electric scooter, Ola S1, which received an overwhelming response from customers. Ola Electric’s IPO is expected to generate considerable interest among investors and further drive the growth of the Indian EV industry.

In conclusion, Ola Electric’s upcoming IPO marks a significant milestone for the Indian auto industry, signaling a renewed focus on electric mobility and sustainable transportation solutions. The IPO’s success would not only pave the way for more EV manufacturers to enter the public markets but also contribute to the government’s vision of achieving widespread electric mobility adoption throughout the country.