Ola Electric Mobility Ltd., India’s largest e-scooter manufacturer, is aiming to raise up to 61.46 billion rupees ($734 million) through an initial public offering (IPO). The startup, supported by SoftBank Group Corp. and Tiger Global Management LLC, has set a price range of 72 to 76 rupees per share. Bidding will commence on August 2 and close on August 6, with trading expected to start on August 9.
Ola Electric is issuing up to 723.8 million shares, while existing shareholders will sell up to 84.9 million shares, fewer than initially planned. The funds will support the company’s expansion, including increasing capacity at its cell manufacturing plant, repaying debt, and investing in research.
This IPO is part of a growing trend among electric vehicle firms seeking public investment amidst rising demand in India. At the upper price range, Ola Electric’s market value could reach about $4 billion.