Ola, backed by strong investor demand amid growing adoption for electric vehicles in the country, raised about $733 million via its offering.
Ola Electric Mobility Ltd.’s shares surged after debut as the shares of India’s biggest e-scooter maker rose as much as 11% over the initial public offer price of 76 rupees apiece. The company, backed by strong investor demand amid growing adoption for electric vehicles in the country, raised about $733 million via its offering. Ola Electric IPO is country’s largest issue since state-run Life Insurance Corp of India’s $2.7 billion share sale in 2022.
Ola Electric IPO: Ola Electric CMD Bhavish Aggarwal addresses the media during the announcement of the company’s forthcoming initial public offering (IPO), in Mumbai.(PTI)
At the IPO price, Ola is valued at $4 billion- a sharp discount for the loss-making company that sought a potential valuation of as much as $7 billion before facing investor pushback, it was reported.
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Axis Capital, BofA Securities, BOB Capital Markets, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, Kotak Mahindra Capital, SBI Capital Markets are bookrunning lead managers for the IPO.
News/Business/ Ola Electric jumps 11% after muted debut: Should you buy?
