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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