IPO: Pavish Agarwal's big announcement of Ola's IPO will set the stock market on fire from August 2.

IPO: This is a golden opportunity for those who can invest in share market and earn millions. The initial public offering (IPO) of Ola Electric, the country's leading manufacturer of electric two-wheelers, is all set to launch in the market soon. This was announced by Pavish Agarwal, CEO and founder of Ola Electric. The Ola Electric IPO will be launched on the stock exchange on August 2, 2024. The subscription will be open from August 2 to 6 for investors who will invest money in its shares. The IPO price band is Rs. According to 72-76 media reports, Ola Electric's IPO will see issuance of new shares worth Rs 5500 crore, while 8.49 crore equity shares will be sold through an offer for sale (OFS). According to a report by Money Control, Pavish Agarwal has pegged the price for the Ola Electric IPO at Rs 72-76. Investors can bid on 195 shares. Employees of the company will get a discount of Rs 7 on each share. 75 per cent of the issue is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors. Ola Electric will sell shares worth 3.79 crore, the report said. Apart from this, SVF Ostrich (DE) LLC, the largest shareholder with 21.98 per cent stake in the company, will sell 2.38 crore shares. Its partners are MacRitchie Investments Pte, Matrix Partners India Investments LLC, Techne Private Ventures and Aashna Advisors. Where will the IPO money be used? Ola Electric plans to use Rs 1227.64 crore from the IPO proceeds for its subsidiary OCT's cell manufacturing plant (Ola Giga Factory). Apart from this, the money raised through the new issue will be used to repay the Rs 800 crore loan taken by subsidiary OET and Rs 1600 crore for research and product development. Also Read: Diabetes Medicine: Diabetes medicine price hiked by Rs 30 in just 6 months, what is the real cost? Ola Electric continues to incur losses, according to media reports. Ola's losses widened further in FY 2023-24. During the period, its net loss increased from Rs 1,472.08 crore to Rs 1,584.40 crore. Revenue rose from Rs 2,782.70 crore to Rs 5,243.27 crore during the period. Ola Electric's business is only in electric vehicle business. Ola has so far launched around seven products in the Indian electric vehicle market. Four new people are coming. As of March 2024, Ola Electric has 870 centers and 431 service centers through an omnichannel distribution network, as per data released by the company. Also Read: LIC share price: LIC's stock hits lifetime high, IPO: Stock market buzz from August 2 Pavish Agarwal's big announcement on Ola's IPO comes out.