Ola Electric is the first Indian EV company to submit a DRHP with SEBI

 Ola Electric is the first Indian EV company to submit a DRHP with SEBI

Moneycontrol was the first to announce on May 25 that Ola Electric has enlisted Goldman Sachs and Kotak Mahindra Capital for an initial public offering (IPO) in early 2024.

Ola Electric Mobility submits filings to SEBI for its IPO.

Ola Electric, one of the most anticipated IPOs in Indian stock market history, has taken a step closer to making its market debut by submitting its draft red herring prospectus to market regulator SEBI, according to numerous industry insiders who spoke with Moneycontrol.

Since this is the first time an Indian EV (electric vehicle) company has tried a public listing, the IPO will create a precedent.

"The draft documents have been electronically filed with SEBI, and this is a significant development for the Indian electric vehicle industry. Ola Electric is hoping to collect around Rs 7250 crore in total." stated one of the individuals listed above.

Moneycontrol was the first to announce on May 25 that Ola Electric has enlisted Goldman Sachs and Kotak Mahindra Capital for an initial public offering (IPO) in early 2024. Sources claimed at the time that a mix of main and secondary share sales would be part of the proposed IPO.

According to a second source who spoke with Moneycontrol, the new issue component would consist of Rs 5,500 crore, with the rest amount falling under the OFS (offer for sale) category. According to a third source, the selling stockholders would include Bhavish Aggarwal, the CEO of Ola Electric, SoftBank, Temasek, Tiger Global, Alpha Wave, Techne, and Matrix Partners. According to the third source, the IPO's target value was around $7.5 billion.

Kotak According to a fourth source, the investment banks involved in the IPO include Mahindra Capital, Citi, Goldman Sachs, BofA Securities, ICICI Securities, Axis Capital, SBI Capital, and BOB Capital.

Regarding legal advice, the Company's counsel is Cyril Amarchand Mangaldas, while the Bankers' counsel is Shardul Amarchand Mangaldas.

All four of the individuals mentioned above agreed to speak anonymously with Moneycontrol. Moneycontrol was unable to immediately reach Ola Electric or its advisers for comment.