"We commenced delivery of our first EV 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 plan to commence delivery of the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh) by the first half of Fiscal 2025 and the motorcycles in the first half of Fiscal 2026."
Ola Electric's proposed IPO is a combination of fresh issue of equity shares up to INR 5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares by promoters and investors, according to the draft red herring prospectus (DRHP).
The Bengaluru-based company proposed utilising the proceeds from the fresh issue for capital expenditure to be incurred by the subsidiary OCT for the Ola Gigafactory project, payment of debt by subsidiary OET, investment into research and product development, expenditure for organic growth initiatives, and general corporate purposes.
Ola Electric manufactures EVs and core EV components such as battery packs and motors at Ola Futurefactory -- manufacturing facility in Krishnagiri.
The company is in the process of building an EV hub in Krishnagiri and Dharmapuri districts in Tamil Nadu, which includes the Ola Futurefactory, the upcoming Ola Gigafactory, and co-located suppliers in Krishnagiri district.
Ola Eelectric introduced its first EV model 'S1 Pro' in August 2021 and currently has a portfolio of 5 scooter models.
Within nine months of Ola Electric delivering its first EV scooter, it has become the best-selling electric two-wheeler player in India based on E2W registrations listed on the VAHAN Portal of the Ministry of Road Transport and Highways.
As of the three months ended June 2023, it had an E2W market share of 31% and aims to explore exporting EVs to specific international markets in the future.
The company operated direct-to-customer (D2C) omni-channel distribution network, comprising 935 experience centres situated across India, which include 414 service centres, as of October 31, 2023.
For the fiscal year 2023, revenue from operations jumped more than seven times to INR 2,630.93 crore against INR 373.42 crore a year ago.
Emcure Pharmaceuticals' IPO is a combination of fresh issuance of equity shares worth INR 800 crore and an OFS of 1.36 crore equity shares by promoters and existing shareholders, as per the draft red herring prospectus.
Those selling shares in the OFS include promoter Satish Mehta and investor BC Investments IV Ltd, an affiliate of US-based private equity major Bain Capital.
Currently, Satish Mehta holds a 41.92% stake in the company and BC Investments owns a 13.09% stake.
Proceeds of the fresh issue will be used towards payment of debt and for general corporate purposes.
Pune-based firm Emcure Pharmaceuticals is engaged in developing, manufacturing, and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
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