Ola Electric targets $4.5 billion valuation in its upcoming IPO
Ola Electric, the SoftBank-supported electric vehicle (EV) manufacturer, is probably going to seek after a valuation of roughly $4.5 billion in upcoming Initial public offering, stamping around 18% reduction from its last funding round valuation of around $5.5 billion, as per industry sources.
The Bhavish Aggarwal-established firm plans to file for the Initial public offering by the following month, as indicated by individuals subjected with the matter. June 20, Ola Electric got endorsement from the Protections and Trade Leading body of India (Sebi) to continue with its Initial public offering plans, determined to raise Rs 7,250 crore (around $860 million).
This gesture set up for Ola Electric to turn into the main Indian electric vehicle organization to open up to the world. In October last year, Ola Electric declared it had gotten around 
3, 200 crore ($380 million) in funding as a component of a value and debt round. The financing was gotten from Temasek-led marquee financial backers and undertaking obligation from State Bank of India, raising its valuation to $5.5 billion from a past $5 billion, the sources said. Be that as it may, this valuation is supposed to have declined due to shifts in worldwide tech stock valuations.
3, 200 crore ($380 million) in funding as a component of a value and debt round. The financing was gotten from Temasek-led marquee financial backers and undertaking obligation from State Bank of India, raising its valuation to $5.5 billion from a past $5 billion, the sources said. Be that as it may, this valuation is supposed to have declined due to shifts in worldwide tech stock valuations.
The funds brought up in October last year were planned as a forerunner to the Initial public offering, with Aggarwal focusing on a $6 billion valuation for the contribution. Aggarwal plans to sell up to 47.4 million offers, addressing a 3.48 percent stake, in the Initial public offering.
Other selling investors incorporate Indus Trust, Alpine Opportunity Fund, DIG Investment, Internet Fund III (Tiger Worldwide), MacRitchie Investments, Matrix partners, SoftBank Vision Fund, Alpha Wave ventures, and Tekne Private ventures.
The draft red herring prospectus - DRHP subtleties the portion of the shares from the new issue: 1,226 crore towards capital expenditure (capex), 800 crore for debt repayment, 1,600 crore for innovative work (Research and development), and 350 crore for organic development drives.
1,226 crore towards capital expenditure (capex), 800 crore for debt repayment, 1,600 crore for innovative work (Research and development), and 350 crore for organic development drives.
Ola Electric fabricates EVs and key parts, for example, battery packs, motor, engines, and vehicle outlines at its Futurefactory in Tamil Nadu, which is being extended to turn into the world's biggest bike processing plant with an annual production capacity of 10 million units.
Moreover, it has laid out a Gigafactory for Li-ion cell manufacturing in Tamil Nadu, at first with a limit of 5 gigawatt hours (GWh), which, as per the sources, will increase to 100 GWh in phases.
