SBI and HDFC Mutual Funds each received share allocations valued between USD 30 million and USD 36 million, whereas Nomura and Norges Bank each obtained allocations worth approximately USD 24 million.
Ahead of its public offering available to retail investors, Ola Electric’s IPO attracted over USD 2 billion in bids from institutional investors. Among the recipients, Nomura, Norges Bank, and several Indian mutual funds received share allocations. Ola Electric, a manufacturer of electric scooters in India and backed by SoftBank, is aiming to secure USD 734 million in what would be the country’s largest IPO this year. The allocation for major institutional investors was set at USD 330 million, with the process being completed last Thursday.
The source further disclosed that SBI and HDFC Mutual Funds each received shares valued between USD 30 million and USD 36 million, while both Nomura and Norges Bank were allocated shares around USD 24 million each. Ola Electric and the investors involved have not yet responded to requests for comment from Reuters.
Founded by Bhavish Aggarwal, Ola Electric is issuing shares priced between 72 and 76 rupees, targeting a market valuation of USD 4 billion. The window for bids from retail investors and eligible employees is set to open on Friday and will close on the following Tuesday.
