Ola Electric receives approval from SEBI for IPO of Rs. 7,250 crore

Electric vehicle maker Ola Electric has received market regulator SEBI’s nod for its initial public offering wherein the firm is looking to raise Rs. 7,250 crore, as per the reports by Moneycontrol, citing sources.

Ola Electric became the first ever Indian EV two-wheeler manufacturer to file for an IPO. The firm filed its draft red herring prospectus (DRHP) with the markets regulators on December 22, 2023.

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The news outlet had also reported that Kotak Mahindra Capital and Goldman Sachs were roped in by Ola Electric for an IPO in early 2024.

Ola Electric’s IPO compromised a fresh issue of Rs. 5,500 crore and an offer for sale (OFS) of Rs. 1,750 crore totalling Rs. 7,250 crore. Existing shareholders were said to sell 95.19 million shares in the OFS, as per the firm’s DRHP.

Bhavish Aggarwal, the founder of Ola Electric, will be selling 47.3 million shares. The initial investors of the firm – AlphaWave, Alpine, DIG Investment, Matrix, and others will also be selling 47.89 million shares via the OFS.