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Ola Electric's IPO plans to raise up to ₹5,500 crore via fresh issue along with an offer for sale of 9.52 crore shares. The IPO valuation goes up to $6 billion. The company targets expansion, debt reduction, and R&D initiatives.
Ola Electric, one of India’s leading electric two-wheeler manufacturers, has obtained approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).The company aims for a $6 billion valuation through the IPO.
This marks a significant milestone as it would be the first IPO by an EV startup in the country and one of the major new-age IPOs of the year.
Ola Electric filed its draft red herring prospectus (DRHP) proposing to raise up to ₹5,500 crore through a fresh issue, in addition to an offer-for-sale (OFS) component of 95.2 million shares.
Bhavish Aggarwal, the promoter, plans to sell up to 47.4 million shares, with SoftBank Vision Fund, Tiger Global, and others also divesting stakes. Aggarwal could potentially make around $78 million from the share sale.
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