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Ola Electric IPO Receives SEBI Nod, Eyes $1B Raise
Ola Electric's IPO receives SEBI approval, aiming to raise ₹7,250 crore to fuel expansion in India's electric vehicle market.
The Securities and Exchange Board of India (SEBI) has approved Ola Electric's initial public offering (IPO), allowing the company to proceed with its plans to raise up to ₹7,250 crore (approximately $850 million). The IPO will consist of a fresh issue of ₹5,500 crore and an offer-for-sale of 95.2 million shares. Bhavish Aggarwal, the company's founder, is set to sell 4.7 crore of his equity shares as part of the offer-for-sale component. This marks a significant milestone for Ola Electric, positioning it as a prominent player in India's electric vehicle sector.