Insights into Ola Electric IPO Launch: A Comprehensive Guide for Subscribers
Without question, 2023 has emerged as the apex year for initial public offerings (IPOs), with 173 small and medium-sized firms (SMEs) and 52 mainboard listings debuting. This extraordinary year has been highlighted by great premieres and strong subscription rates across both SMEs and mainboard listings. Despite predictions of heightened market volatility in the next year, industry professionals are hopeful about the primary market's sustained progress.
The benchmark Sensex rose more than 17 percent, topping the 71,000-point barrier in December 2023. Concurrently, the NSE Nifty crossed the 21,000 mark, which was partly credited to the significant contributions of big IT businesses such as Wipro and TCS. According to predictions, the IPO listings in 2024 may give even more attractive chances for investors as the financial landscape changes.
Ola Electric IPO Launch Date
Ola Electric is planning to go public in either January or February of 2024. The business intends to raise $400 million through the IPO, with the proceeds going towards the development of its first facility in Tamil Nadu.
Ola Electric Becomes First india EV Company launching the IPO
Ola Electric, an electric vehicle (EV) startup, has made history by being the first Indian EV company to submit its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India in preparation for its upcoming initial public offering (IPO). This IPO is noteworthy for several reasons. It is the first time in decades that a two-wheeler company has gone public, as well as the country's first IPO by an automobile in over two decades. Ola Electric, which entered the EV market in 2017, now has a 32% market share and is a powerful contender, pushing existing companies.
The IPO includes a new issue of equity shares worth Rs 5,500 crore as well as an offer for sale (OFS) of approximately 95 million equity shares with a face value of Rs 10.
The IPO of Ola Electric, which is far larger than the offerings of 2023, including the noteworthy Mankind Pharma IPO, aims to raise significant funds. Founder and CEO Bhavish Aggarwal, along with other selling shareholders, will participate in the IPO, which will be a first in the Indian market.
According to Reuters, the IPO comes at a time when Ola Electric has modified its sales projections for 2023-25 and pushed back its profit aim by a year. According to the DRHP, the cash from the new issuance would be used for capital expenditure for the Ola Gigafactory project, as well as research and product development.
Ola Electric, which is valued at $5.5 billion, is focused on full EV technology and manufacturing capabilities, with its Ola Future Factory in Krishnagiri producing EVs and essential components. The firm has been granted permission to participate in India's production-linked schemes for advanced automotive technology goods and advanced cell chemistry batteries.
Ola Electric's income from operations increased sevenfold in fiscal year 2022-23, hitting Rs 2,630.93 crore, more than seven times the previous year's data. The Ola Gigafactory project and the creation of an EV center in TamilNadu underscore the company's commitment to developing India's electric transportation environment.
Bhavish Aggarwal’s new venture- 'Made for India' Krutrim AI
Krutrim SI Designs, a newly launched artificial intelligence firm founded by Bhavish Aggarwal, co-founder of Ola, has introduced a family of multilingual AI models customized exclusively to the Indian ecosystem's unique demands. These Krutrim Pro versions are designed to work in 22 Indian languages, with an emphasis on cultural resonance and accessibility at India-centric pricing. Krutrim, according to Bhavish Aggarwal, is a separate business and not a subsidiary of Ola Cabs or Ola Electric. He does, however, allude to future collaboration among the three corporations in terms of data exchange and utilization.
Krutrim is a ground-breaking AI model capable of comprehending and producing material in 22 Indian languages. It prioritizes inclusion by including Marathi, Hindi, Bengali, Tamil, Kannada, Telugu, Odia, Gujarati, and Malayalam. It is distinguished for its vast linguistic comprehension, with training data for Indian languages surpassing two trillion tokens.
