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Ola plans to launch four electric motorcycles, to start delivery of Ola S1 X models from FY25

Electric two-wheeler company Ola Electric has just filed its received Sebi's approval to raise funds through initial public offerings (IPO). In its draft red herring prospectus (DRHP), the EV maker also revealed its plans to launch a number of motorcycles.

“We commenced delivery of our first electric vehicle model, the Ola S1 Pro, in December 2021. This was followed by the delivery of the Ola S1 in September 2022, the Ola S1 Air in August 2023 and the Ola S1 X+ in December 2023. On August 15, 2023, we announced other new EV scooter models, the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh), in addition to the Ola S1 X+, as well as a line-up of motorcycles comprising four models, Diamondhead, Adventure, Roadster and Cruiser," Ola said.

It further added: "We are planning to start deliveries of Ola S1 X (2 kWh) and Ola S1X (3 kWh) by the first half of Fiscal 2025

The proposed IPO by Ola Electric is a combination of a fresh issue of shares worth up to Rs 5,500 crore and an offer for sale (OFS) of shares worth Rs 9.52 lakh crore by promoters and investors, according to the draft red herring prospectus (DRHP).

The Bengaluru-based company has proposed utilising the proceeds from the fresh issue for capital expenditure to be incurred by subsidiary OCT for the Ola Gigafactory project, payment of debt by subsidiary OET, investment into research and product development, expenses for organic growth initiatives, and general corporate purposes.

Ola Electric manufactures electric vehicles and their core components such as battery packs and motors at its Ola Futurefactory, manufacturing facility in Krishnagiri.

The company is currently building an electric vehicle hub in Krishnagiri and Dharmapuri districts of Tamil Nadu, which includes Ola Futurefactory, upcoming Ola Gigafactory and suppliers co-located in Krishnagiri district.

Ola Electric introduced its first electric vehicle model “S1 Pro” in August 2021 and currently has a range of 5 scooter models.

Nine months after Ola Electric delivered its first electric scooter, the company has become the best-selling electric two-wheeler in India as per E2W records listed on the VAHAN portal of the Ministry of Road Transport and Highways.

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In the three months ending June 2023, the company had an E2W market share of 31 percent and aims to explore exporting electric vehicles to select international markets in the future.

The company operated a direct-to-customer (D2C) multi-channel distribution network, comprising 935 experience centers spread across India, including 414 service centres, as on October 31, 2023.

For FY23, revenue from operations increased more than seven times to Rs 2,630.93 crore, up from Rs 373.42 crore last year.

Emcure Pharmaceuticals' IPO is a combination of fresh issue of shares worth Rs 800 crore and OFS of shares worth Rs 1.36 lakh crore by promoters and existing shareholders, according to a draft prospectus of false trail.

Those selling OFS shares include promoter Satish Mehta and investor BC Investments IV Ltd, a subsidiary of US private equity major Bain Capital.

Satish Mehta currently holds a 41.92 percent stake in the company and BC Investments holds a 13.09 percent stake.

The funds from the new issue will be used to repay debt and for general corporate purposes.

Pune-based firm Emcure Pharmaceuticals is engaged in the development, manufacturing and marketing of a wide range of pharmaceutical products globally in various key therapeutic areas.

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