Ola Electric Mobility Ltd IPO Timeline

Ola Electric Mobility Ltd IPO opens on 02-Aug-2024, and closes on 06-Aug-2024. The Ola Electric Mobility Ltd IPO bid date is from 02-Aug-2024 to 06-Aug-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
Ola Electric Mobility Ltd IPO Opening Date 02-Aug-2024
Ola Electric Mobility Ltd IPO Closing Date 06-Aug-2024
Basis of Allotment 07-Aug-2024
Initiation of Refunds 08-Aug-2024
Credit of Shares to Demat 08-Aug-2024
Ola Electric Mobility Ltd IPO Listing Date 09-Aug-2024

Ola Electric Mobility Ltd IPO Lot Size

Ola Electric Mobility Ltd IPO lot size is 195 shares. A retail-individual investor can apply for up to 13 lots (2535 shares or 192660).

Application Lots Shares Amount
Minimum 1 195 ₹14820
Maximum 13 2535 ₹192660

Ola Electric Mobility Ltd IPO Details

Ola Electric Mobility Ltd IPO Date 02-Aug-2024 to 06-Aug-2024
Ola Electric Mobility Ltd IPO Face Value Shares of ₹10 per share
Ola Electric Mobility Ltd IPO Price ₹72 to ₹76 per share
Ola Electric Mobility Ltd IPO Lot Size 195
Issue Size Shares of ₹10 (aggregating up to ₹6145.56 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹5500 Cr)
Offer for Sale Shares of ₹10 (aggregating up to ₹645.56 Cr)
Issue Type Book Built Portion
Listing At BSE, NSE
QIB Shares Offered Not more than 252296550
Retail Shares Offered Not less than 84806699
NII (HNI) Shares Offered Not less than 127210049
Company Promoters Bhavish Aggarwal, ANI Technologies Pvt Ltd, Indus Trust.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Capital expenditure to be incurred by its subsidiary OCT for the project
  • 2 Repayment or pre-payment in full or part of the indebtedness incurred by its subsidiary OET
  • 3 Investment into research and product developemnt
  • 4 Expenditure to be incurred for organic growth initiatives
  • 5 General corporate purposes

Company Financials

Ola Electric Mobility Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
03-2023 4710.54 295.76 -38.74
03-2022 4471.95 112.96 -222.89
03-2021 2151.81 106.99 -103.69
Amount in ₹ Crore
  • Pure EV player with a leadership position in the fast-growing Indian E2W market.
  • Founder led company supported by a highly experienced and professional leadership team.
  • In-house R&D and technology capabilities.
  • Manufacturing at scale and supply chain resilience.
  • Scalable platform-based design and development approach.
  • Direct to customer omnichannel distribution model.
  • Eligibility for EV-related government incentives leading to cost advantages.
  • Execution excellence.
  • The company, including its Material Subsidiaries, Ola Electric Technologies Private Limited ("OET") and Ola Cell Technologies Private Limited ("OCT"), have incurred losses and negative cash flows from operations since inception.
  • The company has a limited operating history in manufacturing EVs. There is no assurance that the company will be cost effective in its operations or profitable in the future, whether at the holding company level or at the subsidiary level.
  • The company has heavily invested in and plan to continue investing in research and development ("R&D") and technology. There is no assurance that its will realise returns on such investments.
  • The company could experience disruptions in the supply or an increase in prices of components and raw materials used in the manufacture of its electric vehicles, which could result in an increase in the price of its electric vehicles and impact the company projected manufacturing and delivery timelines.
  • Any reduction or elimination of government incentives or the ineligibility of any of its electric vehicles for such incentives would increase the retail price of the company electric vehicles and could adversely affect customer demand for its electric vehicles and affect the company ability to achieve profitability.
  • The company could experience supply constraints, increased prices and quality issues in the supply of raw materials used in cell manufacturing, which could adversely affect cell manufacturing at its Ola Gigafactory and the quality of the cells produced therefrom.
  • The company design and develop certain core electric vehicle components in-house and procure certain electric vehicle components from foreign and domestic suppliers. If its electric vehicles, electric vehicle components or raw materials used in the manufacture of the company's electric vehicles contain defects or have quality issues, or if its electric vehicles does not perform as per industry standards and/or fail to meet the performance levels advertised, its brand, reputation and ability to develop, market and sell its electric vehicles could be adversely impacted.
  • If the company vehicles become ineligible for the EMPS 2024 subsidy its may become less competitive due to higher product pricing (without the subsidies), potentially impacting its business and financial performance.
  • If the company is unable to claim government incentives under the PLI Schemes or the PLI Schemes are discontinued, its may become less competitive due to higher product pricing (without the subsidies), potentially impacting its business, profitability and financial performance.
  • The company intend to utilize Rs. 16,000 million out of the Net Proceeds for investment into research and development purposes of the Company, which constitutes a significant portion of the Net Proceeds which the company propose to raise pursuant to the Offer. Its cannot assure you that such investment into research and development will proceed as planned and result in creation of tangible assets or achieve results as anticipated.
  • The company intend to utilize Rs. 12,276.41 million of the Net Proceeds to fund its capital expenditure requirements to expand the Ola Gigafactory's manufacturing capacity. The company has relied on the quotations received from third parties in estimating such capital expenditure requirements and such project has not been appraised by any bank or financial institution or any other independent agency. Additionally, the company has also relied on the D&B Report, which provides certain risks in relation to construction of the Ola Gigafactory.
  • The company may not be able to protect its intellectual property rights and prevent the unauthorised use of its intellectual property, which could harm the company's business and competitive position. Further, the company may not be able to protect its brand name `Ola' as the company does not own the trademark for it.
  • Its may faces various risks that could hinder the company in-house cell manufacturing capabilities at the Ola Gigafactory.
  • The company currently derive its revenue solely from the sale of limited electric vehicle scooter models, if its electric vehicle scooters are not well-received by the market, the company's business could be adversely affected.
  • The company is yet to complete a full warranty cycle in respect of its EVs. The company warranty reserves may be insufficient to cover future warranty claims, which could adversely affect its financial condition and results of operations.
  • In case of any failures to achieve the agreed upon capacity each year as prescribed under the Cell PLI Scheme and the Programmer Agreement, the Government of India has the right to deduct twice the shortfall in the committed capacity from the total subsidy payable to issuer.
  • Its success dependss on the company ability to successfully develop, introduce, manufacture, market and deliver new electric vehicle models of high quality on schedule and on a large scale, which may expose it to new and increased challenges and risks.
  • Due to the competitive market in which the company operates in, its may faces downward pricing pressures that may require the company to reduce the prices of its EVs. A reduction in pricing may in turn lead to reduced profitability which would adversely impact its business, prospects and results of operations.
  • Its may not be able to compete successfully in the highly competitive and fast evolving automotive market.
  • The company is required to provide financing to its Material Subsidiary, OCT, and the company may not have sufficient free cash reserves to finance OCT.
  • Its Ola Futurefactory had a capacity utilisation rate of 49% in Fiscal 2024. Low capacity utilisation of its Ola Futurefactory may limit the company ability to leverage economies of scale.
  • The expansion of its existing Ola Futurefactory facility and production capacity may be subject to delays, disruptions, cost overruns, or may not produce the expected benefits and thus could adversely affect its production capacity, financial condition, and results of operation.
  • Its may not be able to accurately estimate the supply and demand for the company electric vehicles leading to either a shortage or excess in inventory, which in turn could prevent it from effectively managing its manufacturing requirements, resulting in additional costs and production delays.
  • Its customers have access to a limited number of charging stations. If the company is unable to expand its charging infrastructure to maintain an appropriate ratio of charging stations to customers, demand for its electric vehicles could be adversely affected.
  • Its funding requirements and the proposed deployment of Net Proceeds are based on management estimates and the company has not entered into any definitive arrangements to utilise certain portions of the Net Proceeds of the Offer.
  • The lack of interoperability of its and other EV players' charging infrastructures may deter potential customers from purchasing its EVs.
  • Its business depends substantially on the continued efforts of its Key Managerial Personnel, Senior Management and other qualified personnel. The company experienced high employee attrition rates in the past and may experience similar attrition rates in the future, which may impact its operations.
  • If the company has contingent liabilities in the future, and they materialise, it may affect its results of operations, financial condition and cash flows. While the company had no contingent liabilities as at March 31, 2024, its had capital commitments of Rs.4,473.81 million as at such date.
  • The company has entered into, and will continue to enter into, related party transactions that may involve conflicts of interest.
  • The Reserve Bank of India ("RBI") has taken certain actions in the past against Ola Financial Services Private Limited ("OFSPL"), which is a Promoter Group entity and a Group Company.
  • The functioning of its EVs is highly dependent on the health and functioning of the company batteries. If customers perceive the cost of replacement of batteries in its EVs to be high, they may choose not to purchase the company EVs.
  • The cost of acquisition of Equity Shares of the Company by its Promoter, Bhavish Aggarwal, is negligible.
  • The failures of its EVs to meet the performance and quality levels promised may result in product recalls or legal actions against it. This could adversely affect its brand image in the company target market and the company's business, prospects, financial condition, results of operations and cash flows.
  • If the company is not able to attract and retain customers, its business, prospects, financial condition, results of operations, and cash flows would be materially harmed.
  • The expansion of its experience centres may not lead to a commensurate increase in sales of the company's EVs thus adversely affecting its business, prospects, financial condition, results of operations and cash flows.
  • Inadequate access to public charger guns could cause customers to faces difficulties in recharging their EVs, particularly during long distance travels, and in turn, materially and adversely affect demand for its electric vehicles.
  • Technology is critical to its business operations and growth prospects. Any failures in the company's technology, including errors, bugs, vulnerabilities or design defects, or any failures on its part to address such issues or improve or effectively utilise its technology could cause delays in the launch of the company electric vehicles and harm its business operations, reputation and growth prospects.
  • Its electric vehicles make use of lithium-ion cells, and if such cells catch fire or vent smoke and flames, its could be subject to adverse publicity and the company's brand, business, financial condition, results of operations and prospects could be harmed.
  • The company has received customer complaints pertaining to product quality in the past. The company cannot assure you that its will not receive such similar complaints in the future or that its will be able to address such customer complaints in a timely manner or at all.
  • Its internet led distribution model is different from the predominant current distribution model for automobile manufacturers. The company's ability to successfully implement its distribution model will significantly impact the company's business, operating results and future prospects.
  • Some of its competitors have a wider distribution network than it, which may provide them with a competitive edge.
  • The network of repair and servicing centres for EVs is not as developed as compared to ICE vehicles which may deter customers from purchasing EVs.
  • Its may not succeed in continuing to establish, maintain and strengthen the Ola brand and its reputation and brand could be harmed by complaints and negative publicity which could materially and adversely affect customer acceptance of its electric vehicles and the company's business revenue and prospects.
  • Customers may cancel their pre-orders or orders for its electric vehicles despite their deposit payment and online confirmation, thus harming its business, prospects, financial condition and results of operations.
  • The driving range on a single charge of its electric vehicles declines over time which may negatively influence potential customers' decisions whether to purchase its electric vehicles. The company is yet to fully ascertain the deterioration rate of its batteries as the company batteries have not completed a full lifecycle.
  • There have been certain delays in reporting matters relating to downstream investments by its Subsidiaries, OEC, OCT and OET, and options granted to non-resident director by the Company as required under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 ("NDI Rules") in the past. Consequently, its may be subject to regulatory actions and penalties fees for such non-compliance which may adversely impact its financial condition. Compounding application was filed by the Company for delay in filing Form ESOP, for certain options issued to its Directors which was disposed of.
  • Its borrowings have increased in the past three Fiscals. Such borrowings impose certain restrictive covenants on it. Any future failures to meet the conditions under its financing arrangements or obtain any consents thereunder could have significant consequences on its business and operations.
  • The company will requires a significant amount of capital which its may be unable to obtain on favourable terms or at all. In addition, the company future capital needs may requires it to obtain additional loans and borrowings or issue additional equity or debt securities that may contain restrictive covenants that limit its operations or the company's ability to pay dividends, or in the case of an issuance of securities, dilute its shareholders.
  • Its Promoter, Bhavish Aggarwal is a shareholder of a company engaged in a line of business similar to its. Additionally, the company Promoter, Director, Group Companies, members of Promoter Group and Subsidiaries have a conflict of interest with lessor of the immovable properties (crucial for operations of the Company) and suppliers of raw materials and third party service providers (crucial for operations of the Company). Any conflict of interest which may occur as a result could adversely affect its business, prospects, results of operations and financial condition.
  • Its Founder, Chairman and Managing Director, Bhavish Aggarwal is a promoter of the Company, ANI Technologies Private Limited, one of its Promoter Group companies and its group company and Krutrim SI Designs Private Limited, another of the company Promoter Group companies, all of which have incurred losses and negative cash flows from operations.
  • If electric vehicle owners customise its electric vehicles or change the charging infrastructure with aftermarket products, the electric vehicle may not operate properly which could harm its business.
  • There are environmental hazards associated with the manufacturing of EVs and the discharge of batteries used in our EVs, as the EV cells used in our EVs are not designed to be repaired or recycled.
  • Its EV batteries are charged with power generated through non-renewable sources. Such use of non- renewable energy sources may not be environmentally sustainable.
  • Its electric vehicles are subject to motor vehicle standards as laid down by the Automotive Research Association of India and any changes in such standards or failures to satisfy such standards could materially and adversely affect its business and results of operations.
  • The company is subject to various environmental, health and safety laws and regulations that could impose substantial costs upon it.
  • Its may be unable to renew the company existing leases or secure new leases for its existing manufacturing facilities and offices.
  • There are pending litigations against the Company, Promoter, Subsidiaries, and certain of its Directors. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business, cash flows and reputation.
  • Breaches in data security, failures of information security systems and privacy concerns could adversely impact its financial condition, subject it to penalties, damage the company reputation and brand, and harm its business, prospects, results of operations and cash flows.
  • Its Statutory Auditors' examination report on the Restated Consolidated Financial Information includes an observation towards reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 related to the feature of recording audit trail (edit log) facility in the respective softwares by the Company and its subsidiaries incorporated in India. If such observations are included in future audit reports or examination reports, the trading price of the Equity Shares may be adversely affected.
  • Its Promoter, Directors, Key Managerial Personnel and Senior Management have interests in the Company in addition to their remuneration and reimbursement of expenses.
  • Its Material Subsidiary, Ola Electric Technologies Private Limited has availed loans from banks and other financial institutions, which may be recalled on demand.
  • A portion of the Net Proceeds is proposed to be utilised for repayment or pre-payment, in full or part, all or a portion of certain loans availed by its Subsidiaries from Axis Bank Limited and Bank of Baroda, affiliates of certain BRLMs to the Offer.
  • Its may in the future become, subject to patent, trademark and/or other intellectual property infringement claims, which may be time-consuming, cause it to incur significant liability and increase the company costs of doing business.
  • Its use of open source software in the company applications could subject its proprietary software to general release, adversely affect its ability to sell its services and subject it to possible litigation, claims or proceedings.
  • If the company does not or fails to obtain, renew, or maintain the statutory and regulatory permits and approvals required to operate its business, it could have a material adverse effect on the company's business. Approval of Ola Electric Technologies' application made to the Office of the Deputy Director, District Town & Country Planning is currently pending as of the date of this Red Herring Prospectus.
  • The company relies primarily on third-party insurance policies to insure its operations -related risks. If its insurance coverage is inadequate, it may have an adverse effect on the company's business, financial condition and results of operations.
  • The activities carried out at its Ola Future factory and its Ola Gigafactory can cause injury to people or property in certain circumstances.
  • The company has used information from the Redseer Report which its commissioned for industry related data in this Red Herring Prospectus and any reliance on such information is subject to inherent risks.
  • The company track certain operational metrics with internal systems and tools and does not independently verify such metrics. Certain of its operational metrics are subject to inherent challenges in measurement and any real or perceived inaccuracies in such metrics may adversely affect its business and reputation.
  • Its results of operations may vary significantly from period to period due to the seasonality of its business and fluctuations in the company operating costs.
  • If the company cannot maintain its culture as the company grow, its could lose the innovation, teamwork, and passion that its believe contribute to the company's success and its business may be harmed.
  • Its may be subject to risks associated with strategic alliances or acquisitions.
  • Its business may be adversely affected by labour unrest and union activities.
  • The company will faces risks associated with potential international operations, including unfavourable regulatory, political, currency, tax, and labour conditions, which could harm its business, prospects, financial condition, results of operations, and cash flows.
  • The company is subject to risks associated with exchange rate fluctuations.
  • Its ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
  • Its ability to invest in foreign subsidiaries or joint ventures is constrained by applicable restrictions under Indian overseas investment laws as well as laws of the relevant international jurisdictions, which could adversely affect its business prospects and international growth strategy.
  • The company has not been able to obtain records of the prior work experience of one of its Directors to supplement his past work experience and therefore limited disclosure has been made for his profile in this Red Herring Prospectus.
  • There were certain instances of delays in payment of statutory dues by it. Future delays in payment of statutory dues could attract financial penalties or other regulatory actions from the respective government authorities and in turn adversely affect its financial condition and cash flows.
  • The Company has undertaken bonus issuances in the past by utilizing securities premium account.
  • Build "India" centric EV products with an "India first" strategy.
  • Continue to invest in R&D to advance its technological capabilities and optimize costs.
  • Building an EV hub with vertically integrated manufacturing and supply chain to improve cost efficiency.
  • Develop its cell technology and strengthen its in-house manufacturing capabilities.
  • Expand the product portfolio to drive market penetration.
  • Strengthen its D2C omnichannel network across sales, service and charging.
  • Allocate capital efficiently and focus on growth.
  • Leverage the global EV opportunity.

Ola Electric Mobility Ltd IPO Promoter Holding

Pre Issue Share Holding 45.14%
Post Issue Share Holding 0%

Ola Electric Mobility Ltd IPO Subscription Status (Bidding Detail)

The Ola Electric Mobility Ltd IPO is subscribed 4.27 times on Aug 06, 2024 05:00:00 PM. The public issue subscribed 3.92 times in the retail category, 5.31 times in the QIB category, and 2.4 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) 5.31 2.4 3.92 11.99 4.27

Ola Electric Mobility Ltd IPO Prospectus

Ola Electric Mobility Ltd IPO Listing Date

Listing Date 09 Aug 24
BSE Script 544225
NSE Symbol OLAELEC
Listing In BSE, NSE
ISIN INE0LXG01040
IPO Price ₹76
Face Value ₹10

Ola Electric Mobility Ltd IPO Registrar

Link Intime India Pvt Ltd

Phone: +91 810 811 4949
Email: olaelectric.ipo@linkintime.co.in
Website: www.linkintime.co.in

Ola Electric Mobility Ltd IPO Lead Manager(s)

  1. Kotak Mahindra Capital Company Ltd
  2. Citigroup Global Markets India Pvt Ltd
  3. BofA Securities India Ltd
  4. Goldman Sachs (India) Securities Pvt Ltd
  5. Axis Capital Ltd
  6. ICICI Securities Ltd
  7. SBI Capital Markets Ltd
  8. BOB Capital Markets Ltd

FAQs on Ola Electric Mobility Ltd IPO

Ola Electric Mobility Ltd IPO, which opens for subscription from 02-Aug-2024 to 06-Aug-2024 has an issue size of ₹6145.56 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Ola Electric Mobility Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

Ola Electric Mobility Ltd IPO Opens for subscription from 02-Aug-2024 to 06-Aug-2024.

The lot size of Ola Electric Mobility Ltd is 195 shares. Retail investors can subscribe to minimum 1 lot and maximum 13 lots. The minimum and maximum application value is ₹14820 and ₹192660 respectively.

Allotment date for Ola Electric Mobility Ltd is 07-Aug-2024 and refund of application amount (in case allotment is not received) will begin from 08-Aug-2024. If your allotment goes through, then shares will be credited in your Demat account by 08-Aug-2024.

The registrar for Ola Electric Mobility Ltd IPO is Link Intime India Pvt Ltd. You can check your IPO allotment status on the registrar's website.

The shares of Ola Electric Mobility Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Power your investments with our smart trading platforms

mobilefooterimg
  • app_download_icon_img
    10 million+
    App downloads
  • 1_Click_icon_img
    1-Click
    Order Placement
  • higherreturns_icon_img
    2,203 Crore+
    Average Daily Turnover
Download App
App_Download_QRCode