Fidelity, Nomura line up bids for Ola Electric's IPO
Ola Electric's IPO is set to draw investor bids from Fidelity, Nomura and Norway's Norges Bank, as well as several Indian mutual funds, two sources with direct knowledge told Reuters.
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Fidelity will place bids of around $75 million while Nomura and Norges will bid $100 million each in Ola's so-called IPO anchor book, where high-profile institutional investors are allotted shares before the subscription opens for other investors, said the first source with direct knowledge of the bid amounts.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisit At least four Indian mutual funds including SBI, HDFC, UTI and Nippon India will place bids, the two sources said, with the first source estimating their collective bid amounts at more than $700 million.
Ola Electric did not respond to a request for comment. None of the investors named above immediately responded on Sunday outside regular business hours.
Ola's IPO, one of biggest in India this year, will see the company issue new shares to raise $660 million and also see its existing investors, including founder Bhavish Aggarwal, offload their stake of about $80 million to IPO investors.
Quota for anchor
