Indian E-Bike Manufacturer Ola Electric IPO Surpasses Expectations with $1.8 Billion in Bids
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Ola Electric's initial public offering (IPO) garnered $1.8 billion in bids as it concluded on Tuesday (Aug 6), marking a significant milestone as the first IPO by a pure-play electric vehicle manufacturer in India. The SoftBank-backed company’s $734 million IPO, the largest in India this year, saw strong demand, with bids for 1.99 billion shares—about 4.3 times the number available—according to exchange data.
This IPO has attracted investors eager to capitalize on Prime Minister Narendra Modi’s clean energy initiatives and is expected to value Ola Electric at approximately $4 billion. However, this valuation is about 25% lower than the company’s last funding round in 2023, reflecting a broader adjustment in global tech valuations and a strategy to entice more participants to the stock offering.
The institutional investor portion of the IPO, which includes foreign investors, banks, and mutual funds, was oversubscribed 5.3 times, while retail investors bid for 3.9 times the shares allocated to them.
Source: Kashish Tandon and Nandan Mandayam / Reuters
Ola Electric
Ola is a mobility platform and ride-hailing company that manufactures electric vehicles.
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