Ola Electric Mobility has secured Sebi’s approval for its ₹5,500-crore initial public offering (IPO). When listed it would be the first pure-play EV player on the bourses.

The market regulator has also cleared the share sale of Bain Capital-backed Emcure Pharmaceuticals. Both the companies had filed their draft papers with Sebi in December 2023. They obtained observations on June 10, which means Sebi’s go-ahead to float the public issue.

Ola Electric’s proposed IPO is a combination of fresh issue of equity shares up to ₹5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares by promoters and investors. Its draft red herring prospectus said the company will use ₹1,226.43 crore out of the proceeds to expand capacity of its cell manufacturing plant to 6.4 GWh from 5 GWh.

The company is also looking to use ₹1,600 crore from the fresh fund on research and product development, while another ₹800 crore will be utilised to repay debts.

Allied Blenders

Allied Blenders and Distillers Ltd (ABDL), the makers of Officer’s Choice whiskey, has set a price band of ₹267-281 per share for its initial public offering (IPO) of up to ₹1,500 crore. The public subscription for the IPO will be open from June 25-27, with anchor investor bidding a day earlier on June 24.

The IPO comprises a fresh issue of ₹1,000 crore and an offer for sale (OFS) of ₹500 crore by promoters.

Proceeds from the fresh issue worth ₹720 crore will be used for the payment of debt. Besides, a portion will be used for general corporate purposes. The total debt on the company’s books was around ₹808 crore as of December 2023.

The company, established in 1988, is the third-largest Indian-made foreign liquor company in the country and a leading exporter of IMFL.