Indian Electric scooter maker Ola, backed by SoftBank, plans to raise USD 734 million in the country's biggest IPO this year. The quota for big institutions was set at USD 330 million and allocation was completed on Thursday.
SBI and HDFC Mutual Funds were allocated shares worth USD 30-USD 36 million each, while Nomura and Norges Bank were allocated around USD 24 million each, the source added.
Ola Electric and the investors named did not immediately respond to Reuters requests for comment.
The firm, founded by Bhavish Aggarwal, is selling shares in the range of 72-76 rupees and is targeting a valuation of USD 4 billion.
Bidding for retail investors and eligible employees opens on Friday and closes Tuesday.
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