E-Scooter Maker Ola Plans to Raise $661 Million in India IPO
- Ola to consider raising $132 million via pre-IPO placement
- Company to expand EV cell output, repay debt, invest in R&D
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Ola Electric Mobility Pvt. is seeking to raise 55 billion rupees ($661 million) by selling new shares in an initial public offering that will test investor confidence in the Indian startup whose ambitions extend to entering the electric car market.
Ola is planning to use 12.3 billion rupees of the total proceeds for expanding the manufacturing capacity of its electric vehicle cell factory to 6.4 gigawatt hours from 5 gigawatt hours, according to a prospectus filed with Kotak Investment Banking. The company may also consider raising 11 billion rupees ($132 million) through a pre-IPO placement of shares, with Ola intending to repay debt and invest in research and development with the funds.