India Business News: Ola Electric Mobility, led by Bhavish Aggarwal, has filed for an IPO with Sebi, aiming to raise approximately Rs 10,000 crore. This makes Ola Electric
Promoter Bhavish Aggarwal will offer upto 4,73,94,014 shares in the OFS, and Indus Trust, which is also a part of the promoter group entity, will offer upto 41,78,996 shares. This is the first IPO by an automaker in India in over 20 years. The last IPO in the automobile sector was made by Maruti Suzuki (then Maruti Udyog) in 2003.
Ola Electric IPO is expected to be valued at around Rs 8,500 crore (approximately $1 billion), making it one of the top 15 offerings in India in terms of size. What makes this IPO even more significant is that Ola Electric will be the first pure play EV manufacturer to list on the Indian stock exchanges. It will be also the first IPO by an auto maker in India in over 20 years.
Ola Electric is set to launch its IPO, making it the first auto maker in India to do so in over two decades. With an expected size of around Rs 8,500 crore, it will be one of the top 15 IPOs in India. Ola Electric is also poised to become the first pure play electric vehicle manufacturer to list on the Indian stock exchanges. The IPO will include fresh equity and offers for sale by existing investors, including Temasek and SoftBank. The funds raised will be used to accelerate the development of an EV manufacturing unit .