Ola Electric IPO To Open For Retail Subscription On August 2

Electric vehicle maker Ola Electric is set to open its initial public offering (IPO) for retail subscription on August 2, according to its red herring prospectus (RHP). 

The SoftBank-backed company is eyeing a valuation between $4.2 Bn and $4.4 Bn, according to a Reuters report. 

The IPO will close on August 6, while anchor bidding will take place on August 1. 

The public offer comprises a fresh issue of shares worth up to INR 5,500 Cr and an offer for sale component of up to 8.49 Cr shares, as per the RHP. The company has cut the size of the OFS component. As per its DRHP filed in December last year, the company was looking to sell up to 9.51 Cr shares via the OFS.

Founder and CEO Bhavish Aggarwal plans to offload 3.79 Cr shares via the OFS, which is about 20% less than initially estimated in the draft prospectus. 

The company’s expected valuation represents a 18.5% to 22% decrease from its last funding round in September, which valued Ola Electric at $5.4 Bn.

The other shareholders offloading their stake via OFS include Alpha Wave Ventures, Tiger Global, Indus Trust, among others. 

(The story will be updated soon)

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