The initial public offering (IPO) of electric two-wheeler company Ola Electric Mobility will open on August 2. The company has said that it will use a large part of the amount raised from the IPO to expand the capacity of its cell manufacturing plant and increase research and development (R&D) activities. According to the IPO documents, the company’s initial share sale will close on August 6. Anchor (large) investors will be able to bid for shares on August 1.
Will issue new shares up to Rs 5,500 crore
The company will issue new shares up to Rs 5,500 crore under the IPO. Apart from this, an offer for sale (OFS) of 8.49 crore equity shares will also be brought by promoters and investors. Under the OFS, Ola Electric founder Bhavish Aggarwal will sell about 3.8 crore shares. The price range for the IPO will be announced on Monday. The IPO will encourage increasing cell manufacturing capacity and investing in research and development on future technologies and products.
Akms Drugs IPO to open on July 30
Akams Drugs and Pharmaceuticals Limited’s Rs 1,857 crore initial public offering (IPO) will open on July 30. According to the company statement, the price range for the IPO has been fixed at Rs 646-679 per share. It will open on July 30 and close on August 1. Anchor (large) investors will be able to bid on July 29. The statement said, the IPO consists of fresh shares worth Rs 680 crore and a sale offer (OFS) of 1.73 crore shares worth Rs 1,177 crore. The company has reserved shares worth Rs 15 crore for its employees in the public issue.
