New Delhi: Ola Electric Mobility Ltd, gearing up for its IPO, has outlined its utilisation of the proceeds, setting aside Rs 1,226.43 crore from the Rs 5,500-crore public issue for enhancing its cell manufacturing plant’s capacity. The company aims to boost the plant’s capabilities from 5 GWh to 6.4 GWh, as revealed in the preliminary papers submitted to SEBI.
The IPO funds distribution plan includes allocating Rs 1,600 crore for research and product development, and an additional Rs 800 crore for debt repayment. Ola Electric Mobility, having unveiled a lineup of electric motorcycles on August 15, 2023, anticipates commencing deliveries in the first half of fiscal 2026.
The DRHP outlines the completion of Phase 1 (a) by March 2024, with a 1.4 GWh capacity, and Phase 1 (b) reaching 5 GWh by October 2024. The subsequent Phase 2 of expansion aims to scale the capacity to 6.4 GWh by April 2025 and further increase it to 20 GWh by the second quarter of calendar year 2026.
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