Ola Electric Mobility Pvt. Ltd. has secured approval from India's market regulator to launch an initial public offering. A listing, likely in less than a month, would make it the first listed pureplay electric-vehicle company in India.
At once, it would also be the first auto company on Dalal Street in 20 years.
The Securities and Exchange Board of India has given the Bhavish Aggarwal-led company approval to launch an IPO to raise as much as Rs 7,250 crore (about $850 million), people aware of the matter told NDTV Profit on the condition of anonymity.
When contacted, Ola Electric refused to comment on the matter.
In December, the Bengaluru-based EV startup had filed a draft red-herring prospectus with SEBI to raise as much as Rs 5,500 crore, including a pre-IPO placement of Rs 1,100 crore. Existing investors would sell 9.51 crore shares—half of them coming from Aggarwal himself.
Ola Electric has so far raised nearly $1 billion. As on Dec. 6, 2023, it had a valuation of $5.49 billion
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