Indus Trust News Today

Ola Electric has received approval from Sebi for its IPO, making it the first electric vehicle firm in India to go public. The company plans to raise Rs 5,500 crore through issuance of fresh shares and aims for a valuation of $7-8 billion. The IPO includes selling shares from 10 shareholders, including promoters Aggarwal and Indus Trust, SoftBank, and Matrix Partners.

Companies raised Rs 62,000 crore through initial share sales in fiscal 2024 and the pipeline looks equally strong. As much as Rs 70,000 crore worth of offerings are expected to hit the markets next fiscal with some big names in the mix.

The Indian entrepreneurship success story will soon see one more company debuting on the public markets. Ola Electric, the electric vehicle (EV) company, has become the first such firm that has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO). This is a fresh issue of equity shares of up to Rs 5,500 crore and an offer for sale (OFS) of more than 95 million equity shares at a face value of Rs 10.

Ola Electric has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), becoming the first electric vehicle (EV) startup to go for an IPO.

India Business News: Ola Electric Mobility, led by Bhavish Aggarwal, has filed for an IPO with Sebi, aiming to raise approximately Rs 10,000 crore. This makes Ola Electric

Bhavish Aggarwal, the founder of Ola Electric, is set to sell around 47.4 million shares in the SoftBank Group-backed e-scooter maker. The company is targeting a valuation in the range of $7-8 billion by early 2024.

The EV firm is the first auto manufacturer in over 20 years to offer an IPO.

Promoter Bhavish Aggarwal will offer upto 4,73,94,014 shares in the OFS, and Indus Trust, which is also a part of the promoter group entity, will offer upto 41,78,996 shares. This is the first IPO by an automaker in India in over 20 years. The last IPO in the automobile sector was made by Maruti Suzuki (then Maruti Udyog) in 2003.