Ola Electric IPO: EV Startup Raises INR 2,763 Cr From Anchor Investors

Bhavish Aggarwal-led Ola Electric has raised INR 2,763 Cr from anchor investors at INR 76 per equity share. 

The electric vehicle (EV) startup, whose initial public offering (IPO) will open on Friday (August 2), allotted 36.35 Cr shares to anchor investors.  

“ The board of directors of the company at its meeting held on August 01, 2024, in consultation with the Book Running Lead Managers to the offer, has finalised allocation of 363,556,135 equity shares, to anchor investors at nnchor Investor allocation price of INR 76 per equity share,” it said in a filing with the bourses.

Investors like SBI, HDFC, Nippon Life, Nomura Asset Management, Government Pension Fund of Norway, and Fidelty participated in the anchor round.

The startup said that a total of 10 mutual funds applied through a total of 31 schemes for the shares.

Ola Electric’s IPO will close on August 6. It has set a price band of INR 72-76 per equity share for its public issue. At the upper end of the price band, it would raise INR 6,145.6 Cr.

The IPO comprises a fresh issue of shares worth up to INR 5,500 Cr and an offer-for-sale (OFS) component of up to 8.49 Cr shares.

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