New Delhi, Jul 28 (IANS): EV company Ola Electric on Sunday made it official to bring an initial public offering (IPO), likely in early August, and the company will reveal more about it on Monday.

Ola Electric's chief executive officer (CEO) Bhavish Aggarwal and Harish Abichandani, chief financial officer (CFO), will brief about the forthcoming IPO, the company said in a statement.

According to multiple reports, Ola Electric’s IPO will be launched on August 2, with a fresh issue of shares worth Rs 5,500 crore.

The public issue will open for retail subscription on August 2 and close on August 6.

Reports indicated that promoters Aggarwal and Indus Trust will likely sell 3.79 crore and 41.79 lakh equity shares, respectively in the offer for sale (OFS).

The company aims to spend around Rs 1,227 crore from its IPI raise for the capacity expansion of its cell manufacturing plant.

The EV firm will also spend the IPO money on research, product development and business expansion.

Meanwhile, in FY24, Ola Electric’s net loss jumped 7.6 per cent to Rs 1,584.4 crore, from Rs 1,472.1 crore in the previous fiscal.

The company reported a 90 per cent rise in its operating revenue at Rs 5,009.8 crore, from Rs 2,630.9 crore in FY23, as per its red herring prospectus (RHP).

In FY24, the revenue from the sale of EV scooters was primarily dependent on the sale of Ola S1 Pro scooter models, according to the company.

Premium category scooter Ola S1 Pro contributed almost 60 per cent to the total revenue.

The company sold 3.29 lakh EVs in FY24, as compared to 1.56 lakh electric two-wheelers in the previous fiscal year.