Aug 09, 2024 11:31 AM IST
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.
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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.