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Home»IPO Analysis»Ola Electric Mobility Limited | IPO Analysis
IPO Analysis

Ola Electric Mobility Limited | IPO Analysis

Vicky NagarBy Vicky Nagar28 August 2024Updated:28 August 2024No Comments3 Mins Read
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Company Overview

Ola Electric Mobility Limited, a prominent player in the electric vehicle (EV) industry, focuses on producing electric vehicles and essential components like battery packs, motors, and vehicle frames at its advanced Ola Futurefactory.

Product Launches and Announcements

Ola Electric has been active in expanding its product line since August 2021. Here's a timeline of their key product launches and announcements:

  • December 2021: Debut of the Ola S1 Pro, their first electric vehicle model.
  • Subsequent Years: Introduction of the Ola S1, Ola S1 Air, Ola S1 X, and Ola S1 X+.
  • August 15, 2023: Unveiling of new EV models along with a lineup of motorcycles, including the Diamondhead, Adventure, Roadster, and Cruiser.

Distribution Network

As of October 31, 2023, Ola Electric has established a robust omnichannel distribution network across India, which includes:

  • Experience Centers: 870 locations
  • Service Centers: 431 centers (429 of which are within experience centers)
  • Online Presence: A dedicated website for Ola Electric

Export and Domestic Supply

In the fiscal year 2023:

  • Ola Electric accounted for about 75% of India's two-wheeler (2W) exports, with major markets being Africa, Latin America (LATAM), and Southeast Asia.
  • The domestic supply of electric two-wheelers (E2W) remained limited.

Business Model

Ola Electric's business strategy is built on three scalable platforms:

  1. R&D and Technology Platform: Focusing on in-house design and development of EV technologies and components.
  2. Adaptable Production and Supply Chain Platform
  3. D2C Omnichannel Sales Platform

Objectives of the IPO

The funds raised from the IPO will be used for:

  • Capital expenditure
  • Repayment or pre-payment of debt
  • Investment in research and development of new products
  • General corporate purposes

Key Risks and Concerns

  • Competitive Market: The intense competition in the EV market may lead to pricing pressures, necessitating price reductions for EVs, which could impact profitability and the overall business.
  • Financial Performance: Ola Electric has reported losses over the past three fiscal years (FY22, FY23, and FY24). Specifically, the company experienced a loss of Rs. 784 crore in FY22, which increased to Rs. 1,584 crore in FY24.

Summary of Financial Information:

Period Ended 31-Mar-24 31-Mar-23 31-Mar-22 31-Mar-21
Assets 7,735.41 5,573.17 5,395.86 2,112.64
Revenue 5,243.27 2,782.70 456.26 106.08
Profit After Tax -1,584.40 -1,472.08 -784.15 -199.23
Net Worth 2,019.34 2,356.44 3,661.45 1,970.62
Reserves and Surplus -2,882.54 -1,380.03 -68.83 1,999.30
Total Borrowing 2,389.21 1,645.75 750.41 38.87
Amount in Rs. Crore

Comparison with Listed Peers:

Company Name P/E P/B RoE (%)
Ola Electric Mobility Ltd -18.00 14.00 -
TVS Motor Company Ltd 70.00 17.00 29
Eicher Motors Ltd 34.00 8.00 21.00
Bajaj Auto Ltd 33.00 9.00 27
Hero MotoCorp Ltd 29.00 6.00 22
As on March 31, 2024

Key details of the IPO:

IPO Dates: 2 Aug to 6 Aug, 2024

Price Band: Rs. 72 to Rs. 76 per share

Lot Size: 195 shares

Listing Date: 9 Aug, 2024

Total Issue Size: Rs. 6145.56 Cr. (Fresh Issue = Rs. 5500 Cr. )

Retail Quota: 10%

GMP: Rs. 9 (Only for information purposes.)

Allotment Link

Note: For additional information & risk factors please refer to the Red Herring Prospectus

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Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.

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Vicky Nagar
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Vicky Nagar is an equity trader with 5+ years of experience in trading and investing. He has expertise in equity valuation, sectoral analysis, index analysis, and in identifying the market trends. He is a NISM Certified Research Analyst. Formerly a relationship manager at Kotak Mahindra Bank Limited in the Agri-Business Group, he also has teaching experience at KS School of Business Management, Gujarat University, and as an Academic Associate at IRMA (Institute of Rural Management Anand). He holds a BBA (Gold Medalist) and an MBA (Gold Medalist) in Marketing.

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