The Indian entrepreneurship success story will soon see one more company debuting on the public markets.
Ola Electric, the electric vehicle (EV) company, has become the first such firm that has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO).
This is a fresh issue of equity shares of up to Rs 5,500 crore and an offer for sale (OFS) of more than 95 million equity shares at a face value of Rs 10.
Ola Electric, the electric two vehicle company started by Ola Cabs co-founder Bhavish Aggarwal with the backing of several existing venture capital and private equity investors in the cab-hailing ..
Bhavish Aggarwal, the founder of Ola Electric, is set to sell around 47.4 million shares in the SoftBank Group-backed e-scooter maker. The company is targeting a valuation in the range of $7-8 billion by early 2024.
Ola Electric files for IPO to raise Rs. 5,500 cr nagalandpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nagalandpost.com Daily Mail and Mail on Sunday newspapers.
The company will use the funds to set up its first lithium-ion cell manufacturing facility in Tamil Nadu, as well as expand the firms EV business, it said in a statement.