IPO Details
Bidding Dates
02 Aug 24 - 06 Aug 24
Price Range ₹
72 - 76
Total Equity
₹ 6145.56Cr
Lot Size
195
Exchange Status
NSE,BSE
IPO Doc
Subscription Rate
Non-Institutional Investor
3.92×
Qualified Institutional Buyers
5.31×
Employees
11.99×
Retail Investors
3.92×
Total subscription Rate
4.27×
IPO Timeline
Offer start
02 Aug 2024
Offer end
06 Aug 2024
Allotment
07 Aug 2024
Refund initiation
08 Aug 2024
Demat transfer
08 Aug 2024
Listing
09 Aug 2024
Offer start
02 Aug 2024
Offer end
06 Aug 2024
Allotment
07 Aug 2024
Refund initiation
08 Aug 2024
Demat transfer
08 Aug 2024
Listing
09 Aug 2024
About Company
OLA Electric manufactures electric vehicles (EVs) and core EV components in India. At their Ola Futurefactory, they develop technology and manufacturing capabilities for EVs, including battery packs, motors, and vehicle frames. Their main focus is on meeting the growing demand for EVs in India and exploring export opportunities in select international markets. Since their first product announcement in August 2021, OLA Electric has launched four products and plans to introduce six more. Deliveries of their first EV model, the Ola S1 Pro, began in December 2021, followed by the Ola S1, Ola S1 Air, and Ola S1 X+. On August 15, 2023, they announced new EV scooter models, the Ola S1 X (2 kWh) and Ola S1 X (3 kWh), as well as motorcycles named Diamondhead, Adventure, Roadster, and Cruiser, with deliveries scheduled for fiscal years 2025 and 2026. OLA Electric is also establishing an EV hub in the Krishnagiri and Dharmapuri districts of Tamil Nadu, India, which includes the Ola Futurefactory, Ola Gigafactory, and co-located suppliers in Krishnagiri district.
Year Founded
03-02-2017
Promotor Details
Bhavish Aggarwal
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 84.35 | 36.78 |
| Share Capital | 3109636366 | 1622319151 |
Offer to Public
80,86,26,207.00 Cr
Highlights
- OLA Electric leads India's electric two-wheeler market, with 31% of total E2W registrations in September 2023.
- The company's in-house R&D teams in India, the UK, and the US focus on key EV technologies, including software, electronics, motor and drivetrain, cells and battery packs, and manufacturing technology.
- The Ola Futurefactory, India’s largest automated E2W manufacturing plant, has an installed capacity of one million units per year (as of September 2023).
- Since August 2021, OLA Electric has launched four products and plans to introduce six more, including scooters and motorcycles.
- OLA Electric is establishing an EV hub in Tamil Nadu, which includes the Ola Futurefactory, Ola Gigafactory, and co-located suppliers.
Challenges
- The company has consistently incurred significant losses, with a loss before tax of ₹267.16 crores in the first quarter of 2023 and ₹1,472.08 crores in Fiscal 2023, highlighting its ongoing financial struggles.
- As the batteries in Ola Electric's scooters reach the end of their lifecycle, the high replacement costs could deter customers, affecting customer retention and demand.
- Ola Electric's competitiveness heavily relies on government incentives such as the FAME subsidy and PLI schemes. Any reduction, delay, or elimination of these incentives could increase vehicle costs and negatively impact demand.
- Global shortages of electronic parts, like those experienced in 2022, can delay EV production, disrupt supply chains, and hinder the company’s ability to meet customer demand promptly.
- The availability and accessibility of public charging stations are crucial for the company's success. However, the number of charger gun locations in India is significantly lower than that of fuel pumps, which could deter potential customers from purchasing Ola Electric's EVs.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2023 | 55,731.69 | 37,651.47 | -7,841.50 | -7,841.50 | -4.0101 |
| 2022 | 53,958.63 | 37,595.75 | -15,844.00 | -15,844.00 | -8.1025 |
| 2021 | 21,126.40 | 0.17 | -7,841.50 | -7,841.50 | -4.0101 |
| 2024 | 77,354.09 | 49,287.71 | -7,841.50 | -7,841.50 | -4.0101 |
