The Indian manufacturer of electric scooters, Ola Electric, announced on Saturday that its initial public offering (IPO), supported by SoftBank, will begin on August 2 and will value the company between $4.2 billion and $4.4 billion, based on two sources.<\/p>\n
According to the final IPO prospectus filing, the issue will close for retail subscriptions on August 6 and open for institutional investors one day earlier on Thursday. In the IPO, Ola founder Bhavish Aggarwal will divest 37.9 million shares, which is about 20% fewer than what was projected in the preliminary IPO prospectus.<\/p>\n
In comparison to its most recent funding round in September, which was headed by Temasek, an investment firm based in Singapore, and valued the nation’s largest e-scooter manufacturer at $5.4 billion, Ola’s expected valuation is approximately 18.5% to 22% lower.<\/p>\n
One of the sources with direct knowledge of IPO planning stated that some well-known investors are being offered the IPO at the lower end of the $4.2 billion\u2014$4.4 billion valuation range. According to the two sources, Ola is organising the IPO at a lower valuation to attract more investors to place bids on the IPO shares.<\/p>\n
The first initial public offering (IPO) for an electric vehicle manufacturer in India, Ola Electric, is among the largest in a year that has seen the nation’s stock markets hit several all-time highs and surpass Hong Kong to become the fourth-largest bourse globally.<\/p>\n
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