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Ola founder Bhavish Aggarwal will offload 37.9 million shares in the IPO, around 20% lower than estimated in the draft IPO prospectus.
Ola’s expected valuation is about 18.5% to 22% lower than in its last funding round in September, which was led by Singapore’s investment firm Temasek and valued the country’s largest e-scooter maker at $5.4 billion. ET had first reported on July 17 that Ola Electric is expected to launch its IPO at a discounted valuation.
The company’s stock market debut next month will be one of India’s biggest IPOs this year.
Ola, though still loss making, has gained a 46% market share in e-scooters in the three years since it was founded, even though it slashed its sales goals last year after Prime Minister Narendra Modi’s government reduced some industry incentives.
The Bhavish Aggarwal-led electric vehicle firm is expected to raise Rs 5,500 crore in fresh capital via the IPO, apart from the offer-for-sale (OFS) component.
Ola Electric was initially aiming for a $6-7 billion valuation but has since tempered its expectations. According to its draft red herring prospectus filed in December, the company is facilitating an OFS of 95.2 million shares.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
