Ola Electric
Ola ElectricIANS

Homegrown electric two-wheeler manufacturer Ola Electric has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI), a media report said on Friday.

According to Moneycontrol, citing sources, the fresh issue component will consist of Rs 5,500 crore and the balance would be the OFS (offer for sale) category, around Rs 1,750 crore.

This will be the first-ever Initial Public Offering (IPO) by an Indian EV firm.

Moreover, the media reports earlier said that through the IPO, Ola Electric plans to expand its EV business and establish a lithium-ion cell manufacturing facility. The company started sales in December 2021 and has sold over 3,53,000 units to date.

Ola Electric Scooter S1
Ola Electric Scooter S1Ola Website

Meanwhile, Bhavish Aggarwal-driven Ola Electric's net loss nearly doubled to Rs 1,472 crore in FY23, from Rs 784.1 crore in the previous fiscal year, as expenses surged significantly.

The electric vehicle company reported an EBITDA loss of Rs 1,318 crore as its total expenses jumped to Rs 3,383 crore, in comparison to Rs 1,240 crore in FY22.

(With inputs from IANS)