Ola Electric IPO: All about the first EV startup IPO in India
Sebi's approval for an IPO.
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According to sources familiar with the development, an official announcement from Sebi is expected soon. Bhavish Aggarwal, the founder of Ola Electric, has already informed a select group of employees about the regulatory green light.
The company submitted its draft red herring prospectus (DRHP) to Sebi on December 22. Ola Electric plans to raise up to Rs 5,500 crore through a fresh issue of shares. The IPO will also feature an offer-for-sale (OFS) component, which includes 95.2 million shares.
Bankers indicate that Ola Electric is aiming for a valuation of $6 billion through this public offering.
Ola Electric IPO FAQs
- This would be the first by an EV startup in the country.
- Also, this would be one of the biggest new-age IPOs this year.
- Ola proposing to raise up to ?5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares.
- Ola Electric is eyeing a $6-billion valuation through the public offering.
- Bhavish Aggarwal is expected to sell up to 47.4 million shares, or around 1.3% stake, via the IPO followed by SoftBank Vision Fund (23.8 million), Tiger Global (6.4 million), Alpha Wave Global (3.8 million), Matrix Partners India (3.7 million) and Temasek (1.3 million).
- At a valuation of $6 billion, Aggarwal could make around
