Ola Electric's roughly USD 740 million IPO will be the first by an Indian electric vehicle maker. The company is the biggest player in the e-scooter market in a country where adoption of clean vehicles is still low but rising rapidly.
A newspaper ad by the company in the Financial Express showed the 72-76 rupee price band, with a 7 rupee per share discount for certain eligible employees bidding in the IPO.
The IPO will open for subscriptions Aug. 1 to Aug. 6.
It is set to draw investor bids from Fidelity, Nomura and Norges Bank, as well as several Indian mutual funds, Reuters reported earlier on Monday.
Ola's IPO will see the company issue new shares to raise USD 660 million and also see its existing investors, including founder Bhavish Aggarwal, offload their stake of about USD 80 million to IPO investors.
The newspaper ad showed that 10% of the IPO will be reserved for retail investors. The proceeds of the IPO will be used for funding capital expenditure and for research and development.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
