Ola Electrical, the e-scooter producer, has secured regulatory approval for its INR 5,500 crInitial Public Providing, in accordance with two knowledgeable sources. This marks the first-ever EV inventory itemizing within the nation.
Backed by SoftBank and Temasek, Ola had submitted its papers to India’s Securities and Alternate Board final December to hunt approval for this IPO, geared toward increasing its operations.
The corporate now goals to checklist its shares by mid-July. Over the approaching days, Ola will have interaction with buyers to gauge demand for its providing, said each sources.
Earlier this yr, the corporate met with international buyers in roadshows, however will now “re-discuss phrases and clarify the enterprise,” famous the second supply.
Ola is the main e-scooter maker in a quickly rising but comparatively small market in India. It competes with TVS Motor, Bajaj Auto, and Ather Vitality.
At current, USD 1 is equal to 83.5709 Indian rupees.