Ola Electric, led by Bhavish Aggarwal, is set to open the anchor book for its highly anticipated initial public offering (IPO) on August 1. According to the red herring prospectus filed with the exchanges, the public issue will open on August 2 and close on August 6.
The listing of Ola Electric, poised to become the first Indian electric two-wheeler company to go public, is likely scheduled for August 9. On July 24, Moneycontrol reported that Ola Electric aims to raise approximately $740 million through a combination of a fresh issue and an offer for sale, targeting a post-money valuation between $4 billion and $4.25 billion. Ola Electric competes with established players like TVS Motors, Bajaj Auto, and Ather Energy.
The IPO is being managed by a consortium of investment banks including Kotak Mahindra Capital, Axis Capital, Goldman Sachs, ICICI Securities, Citi, BofA Securities, SBI Caps, and BoB Caps. The legal advisory for the company is being handled by law firm Cyril Amarchand Mangaldas.
The successful completion of this IPO will mark a significant milestone for Ola Electric and is expected to attract substantial investor interest, given the growing emphasis on electric mobility and sustainable transportation solutions in India.
