Today’s News
Ola Electric, backed by SoftBank, has priced its upcoming IPO between INR 72 and INR 76 per share, according to a newspaper advertisement released today.
Image Source: Reuters
The initial public offering, which is set to open for subscriptions from August 1 to August 6, will be one of the largest in India this year. It will be the first by an Indian electric vehicle manufacturer and is expected to raise approximately USD 740 million.
Ola Electric, a leading player in the Indian e-scooter market, plans to use the proceeds for capital expenditures and research and development. The company will issue new shares to raise around USD 660 million, while existing investors, including founder Bhavish Aggarwal, will sell shares worth about USD 80 million.
The IPO will reserve 10% of the shares for retail investors. Major investors such as Fidelity, Nomura, Norges Bank, and several Indian mutual funds are expected to participate in the offering.
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