Ola Electric Mobility Ltd, gearing up for its IPO, intends to utilize INR 1,226.43 crore from the INR 5,500-crore public issue for expanding its cell manufacturing plant capacity to 6.4 GWh from 5 GWh, as per the preliminary papers filed with Sebi, reported PTI.
The company also plans to allocate INR 1,600 crore for research and product development, with an additional INR 800 crore earmarked for debt repayment. Ola Electric, which revealed electric motorcycles like Cruiser, Adventure, Roadster, and Diamondhead on August 15, 2023, aims to initiate motorcycle deliveries in the first half of fiscal 2026.
The IPO’s objectives include funding the expansion of the Gigafactory in Tamil Nadu, and product launches like affordable Ola S1 models and mass-market motorcycles. The Gigafactory’s Phase 1 (a) and Phase 1 (b) will be financed through internal accruals and long-term borrowings by Ola Cell Technologies Pvt Ltd (OCT), the company’s arm. Phase 1 (a) is expected to be completed by March 2024, with a capacity of 1.4 GWh, and Phase 1 (b) aims to increase capacity to 5 GWh by October 2024.
The subsequent Phase 2 expansion targets a capacity of 6.4 GWh by April 2025, and further scaling to 20 GWh by the second quarter of calendar year 2026. The IPO’s proceeds will contribute to the capital expenditure for OCT’s expansion of the cell manufacturing plant’s capacity from 5 GWh to 6.4 GWh. Ola Electric plans to launch affordable Ola S1 models, including electric two-wheelers (E2Ws), in the first half of Fiscal 2025.
Motorcycle deliveries, announced on August 15, 2023, are set to commence in the first half of fiscal 2026. The company envisions expanding its product portfolio to encompass mass-market motorcycles, targeting a broader consumer base across different product types and price points in the long run.
The company also plans to allocate INR 1,600 crore for research and product development, with an additional INR 800 crore earmarked for debt repayment. Ola Electric, which revealed electric motorcycles like Cruiser, Adventure, Roadster, and Diamondhead on August 15, 2023, aims to initiate motorcycle deliveries in the first half of fiscal 2026.
The IPO’s objectives include funding the expansion of the Gigafactory in Tamil Nadu, and product launches like affordable Ola S1 models and mass-market motorcycles. The Gigafactory’s Phase 1 (a) and Phase 1 (b) will be financed through internal accruals and long-term borrowings by Ola Cell Technologies Pvt Ltd (OCT), the company’s arm. Phase 1 (a) is expected to be completed by March 2024, with a capacity of 1.4 GWh, and Phase 1 (b) aims to increase capacity to 5 GWh by October 2024.
The subsequent Phase 2 expansion targets a capacity of 6.4 GWh by April 2025, and further scaling to 20 GWh by the second quarter of calendar year 2026. The IPO’s proceeds will contribute to the capital expenditure for OCT’s expansion of the cell manufacturing plant’s capacity from 5 GWh to 6.4 GWh. Ola Electric plans to launch affordable Ola S1 models, including electric two-wheelers (E2Ws), in the first half of Fiscal 2025.
Motorcycle deliveries, announced on August 15, 2023, are set to commence in the first half of fiscal 2026. The company envisions expanding its product portfolio to encompass mass-market motorcycles, targeting a broader consumer base across different product types and price points in the long run.
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