Ola Electric’s initial public offering will open for retail subscription on Friday, the company announced in a filing with the stock market regulator on Saturday.
The company’s stock market debut next month will be one of India’s biggest IPOs this year.
Despite still being loss-making, Ola has captured a 46% market share in e-scooters within three years of its founding, even after reducing its sales goals last year due to reduced industry incentives from Prime Minister Narendra Modi’s government.
The electric vehicle firm, led by Bhavish Aggarwal, expects to raise Rs 5,500 crore in fresh capital through the IPO, in addition to the offer-for-sale (OFS) component.
Initially aiming for a $6-7 billion valuation, Ola Electric has since adjusted its expectations. According to its draft red herring prospectus filed in December, the company is facilitating an OFS of 95.2 million shares.
