New Delhi: Ola Electric Mobility announced on Thursday that it raised Rs 2,763 crore from anchor investors just before its IPO opening for public subscription. According to a circular on BSE's website, the anchor round received investments from various investors like FPIs, domestic mutual funds, and insurance companies.
Shares in the anchor round have been allocated to various companies including SBI Mutual Fund, HDFC MF, Nippon India MF, Sundaram MF, Bandhan MF, Bharti Axa Life Insurance Company, Kotak Mahindra Life Insurance Company, Government Pension Fund Global, Nomura India Investment Fund, Goldman Sachs (Singapore) Pte Ltd and Fidelity.
Based on the circular, the electric motorcycle company has distributed 36.35 crore equity shares to 84 funds at a price of Rs 76 each, totaling the transaction amount to Rs 2,763 crore. The problem, priced at Rs 72 to Rs 76 per share, will be available for public subscription from August 2 to August 6.
The initial public offering (IPO) of the company includes a new equity share issuance of up to Rs 5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares valued at Rs 645.56 crore, at the higher end of the price range, by promoters and investors. This brings the overall issue value to Rs 6,145.56 crore. During the OFS, nearly 3.8 crore shares would be sold by Ola Electric's founder Bhavish Aggarwal.
The IPO will give Ola Electric the necessary boost to invest in improving cell manufacturing capacity and working on research and development for future technologies and products. As per the information provided in its prospectus, Ola Electric Mobility Ltd (OEML) intends to use Rs 1,227.6 crore from the funds raised through its Rs 5,500-crore public offering to increase the capacity of its cell manufacturing plant to 6.4 GWh from 5 GWh. The company is also seeking to utilize.
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