(Bloomberg) — Subscribe to Menaka Doshi’s India Edition newsletter—an insider’s guide to the emerging economic powerhouse and the billionaires and companies behind its rise, published weekly.
Bloomberg’s Most Read
Ola Electric Mobility Ltd., India’s biggest electric scooter maker, is seeking up to 61.46 billion rupees ($734 million) in an initial public offering that will test investor appetite for the country’s fledgling companies.
Backed by SoftBank Group Corp. and Tiger Global Management LLC, the startup has set a price range of 72 to 76 rupees per share, the company said in an advertisement in a local newspaper. Bidding begins on August 2nd and ends on August 6th, while shares are expected to start trading on August 9th.
The share sale will also fuel the company’s expansion plans as founder Bhavish Aggarwal builds what he considers the world’s largest electric vehicle hub to produce battery-powered two-wheelers, cars and lithium-ion cells. . The funds will help the Bengaluru-based company expand the capacity of its cell factory, repay debt and invest in research and development, it said in the offer document.
Ola Electric is the latest to attract equity investors in India’s booming IPO market – one of the world’s hottest spots this year, as rising valuations and good economic prospects attract issuers. Automakers such as the local unit of Hyundai Motor Co. are also expected to list this year.
The company is issuing up to 723.8 million shares, with existing shareholders selling up to 84.9 million shares. Aggarwal is selling up to 38 million shares – the bulk – while Indus Trust is selling up to 4.2 million and venture capital firm Alpha Waves Ventures II LP is selling up to 3.8 million shares.
Goldman Sachs (India) Securities, Kotak Mahindra Capital Company Ltd., BofA Securities India Ltd., Axis Capital Ltd. and SBI Capital Markets Ltd.
Bloomberg Businessweek Most Read
©2024 Bloomberg LP
