NEW DELHI: Home-grown electric 2W manufacturer Ola Electric on Friday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO) - the first issue by an automaker in India in over 20 years.

The proposed IPO is a fresh issue of equity shares up to Rs 5,500 cr and an offer for sale of 95,191,195 equity shares, as per the draft red herring prospectus.

Proceeds from the issue will be used for capex to be incurred by the subsidiary, OCT for the Ola Gigafactory project apart from payment of debt by subsidiary OET and R&D investment, among others.