Ola Electric IPO: All You Need to Know
OLA Electric IPO is a book built issue of Rs 6,145.56 crores.
Ola Electric's upcoming IPO is set to be a significant event in the Indian stock market. Here’s a detailed look at the offering and what potential investors need to know.
IPO Overview
- Total Issue Size: Rs 6,145.56 crores
- Fresh Issue: 72.37 crore shares worth Rs 5,500.00 crores
- Offer for Sale: 8.49 crore shares worth Rs 645.56 crores
Key Dates
- Opening Date: August 2, 2024
- Closing Date: August 6, 2024
- Allotment Date: August 7, 2024
- Listing Date: August 9, 2024 (BSE, NSE)
Pricing and Investment Details
- Price Band: ₹72 to ₹76 per share
- Lot Size: 195 shares
- Minimum Investment for Retail Investors: ₹14,820
- Minimum Lot Size Investment for sNII: 14 lots (2,730 shares) amounting to ₹207,480
- Minimum Lot Size Investment for bNII: 68 lots (13,260 shares) amounting to ₹1,007,760
- Employee Discount: ₹7 per share
Promoters and Managers
- Promoter: Bhavish Aggarwal
- Book Running Lead Managers: Kotak Mahindra Capital, Bofa Securities India, Axis Capital, SBI Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, Bob Capital Markets
- Registrar: Link Intime India Private Ltd
Shareholding Details
- Pre-Issue Shareholding: 3,687,072,258 shares
- Post-Issue Shareholding: 4,410,756,468 shares
Reservation for Investors
- QIB: Not less than 75% of the Net Issue
- Retail: Not more than 10% of the Net Issue
- NII (HNI): Not more than 15% of the Net Issue
Company Overview
Founded in 2017, Ola Electric Mobility Limited is a prominent player in the electric vehicle (EV) market in India. The company focuses on manufacturing EVs and key components like battery packs, motors, and vehicle frames at its Ola Futurefactory.
Product Lineup:
- Ola S1 Pro: Launched in December 2021
- Ola S1, S1 Air, S1 X, and S1 X+: Launched subsequently
- Upcoming Models: Diamondhead, Adventure, Roadster, and Cruiser motorcycles
Distribution Network:
- Experience Centers: 870 across India
- Service Centers: 431 (429 within experience centers)
- Online Platform: Ola Electric website
Manufacturing Facilities:
- Ola Futurefactory: Largest integrated and automated E2W manufacturing plant in India
- Upcoming Facilities: Ola Gigafactory and co-located suppliers in Tamil Nadu
Financial Snapshot
Revenue and Profit Trends (in ₹ Crore):
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 7,735.41 | 5,573.17 | 5,395.86 | 2,112.64 |
| Revenue | 5,243.27 | 2,782.70 | 456.26 | 106.08 |
| Profit After Tax | -1,584.40 | -1,472.08 | -784.15 | -199.23 |
| Net Worth | 2,019.34 | 2,356.44 | 3,661.45 | 1,970.62 |
| Reserves & Surplus | -2,882.54 | -1,380.03 | -68.83 | 1,999.30 |
| Total Borrowing | 2,389.21 | 1,645.75 | 750.41 | 38.87 |
Key Performance Indicators
- Market Capitalization: Rs 33,521.75 Cr
- RoNW: -78.46%
- P/BV: 13.72
Pre IPO vs Post IPO EPS (in ₹):
- Pre IPO: 2.45
- Post IPO: 2.77
- P/E Ratio: -17.69 (Pre IPO), -21.16 (Post IPO)
Objects of the Issue
- Expansion: Increasing the capacity of its cell manufacturing plant from 5GWh to 6.4 GWh.
- Debt Repayment: Pre-payment or repayment of indebtedness.
- R&D Investment: Enhancing research and product development.
- Organic Growth Initiatives: Capital expenditure for business growth.
- General Corporate Purposes.
Analyst Review
- Pros:
- Emerging leader in the E-2W segment.
- Expanding product portfolio.
- Robust R&D and technology focus.
- Cons:
- Currently posting losses.
- Negative P/E due to negative earnings.
Conclusion
Ola Electric's IPO presents a promising opportunity for long-term investors who believe in the potential of the electric vehicle market. While the company is currently operating at a loss, its strategic expansions and product innovations suggest a bright future. Investors are advised to consider the risks and rewards carefully before investing.
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