Ola Electric IPO: Company Sets Share Price at ₹72-76, First EV Listing Hits Markets August 2

Ola Electric, backed by SoftBank, is launching its IPO with shares priced between ₹72-76 ($0.86-$0.91). This is one of the biggest IPOs in India this year, aiming to raise around $740 million. It is the first IPO by an Indian electric vehicle maker.

Ola Electric is the leading e-scooter company in India, where the adoption of clean vehicles is growing fast.

Key Details:

• Subscription Dates: August 1-6
• Anchor Offer: Opens August 1
• Public Offer: Opens August 2
• Discount: ₹7 per share for eligible employees

Investor Interest:

The IPO is expected to attract big investors like Fidelity, Nomura, and Norges Bank, as well as many Indian mutual funds. Ola will issue new shares to raise $660 million, and existing investors, including founder Bhavish Aggarwal, will sell about $80 million worth of shares.

Allocation:

• Retail Investors: 10% of the IPO
• Use of Funds: Capital expenditure and research & development

This makes Ola Electric’s IPO a significant event in the Indian stock market, especially for the electric vehicle sector.