The much-waited initial public offering (IPO) of Bhavesh Aggarwal’s Ola Electric Mobility is set to open for subscription on August 1 and will close for subscription on August 6. Ola Electric Mobility IPO price band is set at Rs 72-76 per share. The IPO will also have a discount of Rs 7 for eligible employees bidding in the portion reserved for employees.
75% of the Ola Electric will be reserved for Qualified Institutional Buyers (QIBs), 15% for Non-institutional investors (NIIs), 10% for retail investors and shares worth $55 million for eligible employees.
Ola Electric will use the proceeds from the IPO for capital expenditures, debt repayment, and research and development. The company competes with major players like TVS Motors, Bajaj Auto, and Ather Energy.
The draft red herring prospectus was filed with the Securities and Exchange Board of India (SEBI) on December 22, 2023. Key investment banks on the deal include Kotak Mahindra Capital, Goldman Sachs, and ICICI Securities. The law firm Cyril Amarchand Mangaldas is advising on legal matters.
