Ola Electric announced that its initial public offering (IPO) will open for retail investors on Friday, according to a recent stock market filing. Led by Bhavish Aggarwal, the company aims to raise INR 5,500 crore in new capital through the IPO, in addition to an offer-for-sale (OFS) component.
Ola Electric has announced that its initial public offering (IPO) will be open to retail investors starting August 2, according to a recent filing with the securities market regulator made this Saturday.
This IPO is speculated to be among the most significant stock market debuts in India for the year.
Despite operating at a loss, Ola has captured a substantial 46% share of the e-scooter market in just three years since its inception. This achievement comes even after the company reduced its sales targets last year following a cut in some industry incentives by Prime Minister Narendra Modi’s government.
Led by Bhavish Aggarwal, the electric vehicle company is set to raise INR 5,500 crore in fresh capital through this IPO, in addition to what will be generated from the offer-for-sale (OFS) component. Originally, Ola Electric aimed for a valuation between USD 6-7 billion but has since adjusted its expectations downward. The company’s draft red herring prospectus, filed in December, details an OFS of 95.2 million shares.
