Indian electric scooter manufacturer Ola Electric is all set to offer shares priced in a range from INR 72 to INR 76 (USD 0.86-USD 0.91) with discount of INR 7 to eligible employees. The USD 734-million listing will be the first by the company; this would also be one of biggest IPOs of the country this year.
Ola Electric Mobility will float its initial public offering (IPO) on August 2. According to the sources, a significant part of the amount would be used for capacity expansion of its cell manufacturing plant. The public offer will conclude on August 6.
The IPO is a mix of fresh issue of equity shares worth INR 5,500 crore and an offer-for-sale of 8.49 crore shares by promoters and investors. Under the offer-for-sale, Ola Electric CEO Bhavish Aggarwal will offload around 3.8 crore shares. The bidding for anchor investors will apparently happen on August 1.
Various Indian mutual funds such as HDFC, UTI, SBI, and Nippon India and international investors such as Nomura, Fidelity and Norges Bank are likely to place bids in Ola’s IPO anchor book.
Last year, Ola Electric announced the successful closure of INR 3,200 Crores funding as a part of its equity and debt round raised from Temasek led marquee investors and project debt from State Bank of India respectively. The funds raised would be utilized towards expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu. The company plans to commence delivery of our motorcycles by the first half of fiscal 2026.