According to reports, leading electric two-wheeler maker Ola Electric has raised Rs 2,763 crore from marquee anchor investors.

The company allocated 36.35 trillion shares at Rs. 76 per share, the maximum price of the offering, to various domestic and foreign institutional investors.

Major funds that participated in the anchor round included Nomura, Fidelity, HDFC MF, Franklin Templeton, HDFC Life Insurance, JM Financial MF, BNP Paribas MF and SBI MF.

The IPO, an initial public offering of 57.95 million shares, received a strong response from investors, with subscriptions exceeding 150 times the closing price.

Proceeds from the offering will be used for working capital, investments in subsidiaries, repayment of debt, and general corporate purposes.

The initial public offering (IPO) of 57.95 million shares received a strong response from investors, with subscriptions exceeding 150 times the closing price.

Proceeds from the offering will be used for working capital, investments in subsidiaries, repayment of debt, and general corporate purposes.

Ola Electric is the leading manufacturer of electric two-wheelers in India and has the highest revenues of any EV two-wheeler manufacturer. The company has also built vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells.

The company manufactures EVs and some EV core components such as battery packs, motors, and vehicle frames at Ola Futurefactory. Since the first product launch, the company has delivered seven products and introduced four more new products.

Ola Electric's operating revenue increased from Rs. 2,630.9 crore in FY2023 to Rs. 5,009.8 crore in FY2024.

This growth was mainly due to increased sales of the Ola S1 and Ola S1 Pro scooters and the start of deliveries of the Ola S1 Air and Ola S1 X+ in FY2024.

However, the full-year loss increased from Rs. 1,472 in FY2023 to Rs. 1,584.4 in FY2024.