Markets regulator Securities and Commerce Board of India (Sebi) has cleared the IPO of Ola Electrical, paving the manner for the first EV startup itemizing at the bourses.
The firm is attempting to catch about $6-billion valuation by the public providing, ET had reported earlier.
The Bengaluru-based entirely mostly firm had filed its draft prospectus with Sebi in December final year. The sphere comprises a contemporary fairness sale of Rs 5,500 crore and an supply-for-sale (OFS) of 95.2 million shares.
As opposed to the EV agency, Sebi has furthermore cleared the public providing of Bain Capital-backed Emcure Prescribed capsules.
Under the OFS, the firm’s founder and CEO Bhavish Aggarwal will sell up to 4.74 crore shares, SoftBank Vision Fund will offload about 2.38 crore and Tiger Global will stop 64 lakh shares. Other selling shareholders encompass Alpha Wave Global, Matrix Companions India and Temasek.
The Bengaluru-based entirely mostly firm proposes to make spend of the gain proceeds in the direction of capital expenditure to be incurred by its Subsidiary OCT for expansion of the capability of cell manufacturing, repayment of debt, investment into analysis and product constructing, inorganic growth initiatives and in vogue corporate functions.
Ola Electrical is a pure EV participant in India constructing vertically built-in technology and manufacturing capabilities for EVs and EV parts. It manufactures EVs and determined core EV parts at the Ola Futurefactory.
In FY23, the Bengaluru-based entirely mostly earnings from operations grew multi-fold to Rs 2,631 crore from Rs 373 crore a year earlier. Meanwhile, losses widened to Rs 1,472 crore within the the same length, compared with Rs 784 crore in FY22
Kotak Mahindra Capital, Bofa Securities, Axis Capital, SBI Capital Markets, Citigroup, Goldman Sachs, ICICI Securities, BoB Capital Markets are appearing as the e book working main managers for the IPO.
Emcure Prescribed capsules
Emcure Pharma, which has furthermore obtained Sebi's nod for the IPO, is doubtless to begin the sphere within the next two months. The IPO entails contemporary fairness sale worth Rs 800 crore and an OFS of 1.36 crore fairness shares by promoters and existing shareholders.
Those selling shares within the OFS encompass promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of US-based entirely mostly deepest fairness foremost Bain Capital.
Emcure Pharma proposes to make spend of the gain proceeds from the contemporary field for rate of debt and in vogue corporate functions.
Pune-based entirely mostly agency Emcure Prescribed capsules, backed by Bain Capital, is engaged in increasing, manufacturing, and globally advertising and marketing a pleasant differ of pharmaceutical products correct by loads of foremost therapeutic areas.
Kotak Mahindra Capital Firm, Jefferies India, Axis Capital, and JP Morgan India are the e book-working lead managers to the sphere.