Ola Electric Converts to Public Ltd Co Ahead of its IPO Filing
As Ola Electric gears up to get listed on the stock exchanges in the coming months, the firm made a corporate restructuring to convert itself from a private limited company to a public company, regulatory filings showed.
The conversion of a private limited company into a public company is a mandatory step for a company that wants to list on the stock exchanges.
The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited, according to the regulatory filing.
Ola Electric is India’s leading manufacturer of electric vehicles (EVs) and stands to have a market share of almost 35%. With a focus on continuous innovation it aims to move the world to sustainable mobility with advanced electric vehicles manufactured at its Futurefactory, the largest, most advanced, and most sustainable EV two-wheeler factory in India.
Recently, the company announced the successful closure of INR 3,200-crore of funding as a part of its equity and debt rounds raised from Temasek-led marquee investors and project debt from the State Bank of India, respectively. The funds raised would be utilized towards the expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Ola Electric was selected by the government as the only Indian EV company under its ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localizing the most critical aspects of the EV value chain. Ola’s Future factory in Krishnagiri, Tamil Nadu, will be a first-of-its-kind lithium-ion cell manufacturing facility in India with an initial capacity of 5 GWh in phase I which will be further scaled up in phases to 100 GWh at full capacity.
Ola Electric recently expanded its scooter portfolio to five products, with prices ranging from INR 89,999 to INR 1,47,499. Unveiled as part of Ola’s annual flagship event last month, the S1 Pro, S1 Air, S1X+, S1X (3kWh), and S1X (2kWh) are built on a newer and more advanced Gen-2 platform, making them one of the best EV propositions across price points currently available in the market.