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Markets regulator Securities and Exchange Board of India (Sebi) has given the green light to the initial public offerings (IPOs) of Ola Electric and Emcure Pharmaceuticals, setting the stage for their public listings shortly.
Ola Electric, a Bengaluru-based startup focused on electric vehicles (EVs), is poised to become the first EV startup to list on the stock exchanges.
The company aims for a valuation of approximately $6 billion through its IPO, which consists of a fresh equity sale of Rs 5,500 crore and an offer-for-sale (OFS) of 95.2 million shares.
Founder Bhavish Aggarwal, along with investors SoftBank Vision Fund and Tiger Global, among others, will participate in the OFS. Ola Electric plans to utilize the IPO proceeds for expanding its subsidiary OCT's cell manufacturing capacity, debt repayment, research and product development, inorganic growth initiatives, and general corporate purposes.
In the financial year FY23, the company reported a substantial revenue growth to Rs 2,631 crore from Rs 373 crore in FY22, although its losses widened to Rs 1,472 crore.
Alongside Ola Electric, Sebi has also approved Emcure Pharmaceuticals' IPO.
Based in Pune and backed by Bain Capital, Emcure Pharma will offer fresh equity worth Rs 800 crore and an OFS of 1.36 crore equity shares by promoters and existing shareholders.
The proceeds from Emcure Pharma's IPO will primarily be used for debt repayment and general corporate purposes. The company specializes in developing, manufacturing, and marketing pharmaceutical products across various therapeutic areas.
The IPOs are being managed by prominent financial institutions including Kotak Mahindra Capital, BofA Securities, Axis Capital, SBI Capital Markets, Citigroup, Goldman Sachs, ICICI Securities, BoB Capital Markets for Ola Electric, and Kotak Mahindra Capital Company, Jefferies India, Axis Capital, and JP Morgan India for Emcure Pharmaceuticals.
Ola Electric and Emcure Pharmaceuticals are expected to launch their IPOs in the coming months.
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