Ola Electric and Emcure Pharmaceuticals Secures SEBI's Nod for IPOs

Ola Electric and Bain Capital-backed Emcure Pharmaceuticals have received SEBI's approval to launch IPOs. The respective IPOs include a mix of fresh equity issues and offers for sale. Ola plans to use the proceeds for various investments, while Emcure will focus on debt repayment and general corporate expenses.

Electric two-wheeler manufacturer Ola Electric and Emcure Pharmaceuticals, under the backing of Bain Capital, have received the green light from SEBI for upcoming initial public offerings (IPOs). The market regulator disclosed this development on Thursday.

Their preliminary IPO filings, submitted in December 2023, earned approval with observations noted on June 10, implying SEBI's go-ahead for the public offerings. Ola Electric's IPO includes a new equity issue worth Rs 5,500 crore and a sale offer of 9.52 crore equity shares by promoters and investors.

Ola Electric, headquartered in Bengaluru, plans to allocate the IPO proceeds towards various investments including the capital expenditure for Ola Gigafactory, debt repayment, research, and product development. Emcure Pharmaceuticals' IPO comprises fresh equity worth Rs 800 crore and an offer for sale of 1.36 crore shares by promoters and stakeholders.

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