EV maker Ola Electric’s initial public offering (IPO) will open for retail subscription on August 2 and the public offering will value the company between $4.2 billion to $4.4 billion.
The IPO will close for retail subscriptions on August 6, the final IPO prospectus filing showed. The offering will open for institutional investors a day earlier on August 1.
Bhavish Aggarwal, Ola founder, will offload 37.9 million shares in the IPO, nearly 20% lower than in the draft IPO prospectus.
The issue, which will open for institutional investors a day earlier on Thursday, will close for retail subscriptions on Aug. 6, the final IPO prospectus filing showed.
Ola’s expected valuation is about 18.5 per cent to 22 per cent lower than in its last funding round in September, which was led by Singapore’s investment firm Temasek and valued the country’s largest e-scooter maker at $5.4 billion.
Ola Electric is expected to raise ₹5,500 crore in fresh capital via the IPO, apart from the offer-for-sale (OFS) component. According to its draft red herring prospectus filed in December, the company’s OFS of 95.2 million shares.
The firm competes with the likes of TVS Motors, Bajaj Auto and Ather Energy.
Kotak Mahindra Capital, Axis Capital, Goldman Sachs, ICICI Securities, Citi, BofA Securities, SBI Caps and BoB Caps are the investment banks working on the deal. Law firm Cyril Amarchand Mangaldas is the company counsel.