One of the biggest IPOs in India this year, SoftBank-backed Indian e-scooter manufacturer Ola Electric, will price its shares in the range of 72-76 rupees ($0.86-$0.91) in its stock market offering, which is scheduled to open this week.
Ola Electric’s approximately $740 million IPO will be the first by an Indian electric vehicle manufacturer. The firm is the biggest player in the e-scooter sector in a nation where clean vehicle adoption remains low but is fast increasing.
Institutional investors have reserved 75% of the IPO, with the remaining 15% going to non-institutional investors. 10% of the entire offer must be subscribed to by retail investors.
Bids can be made for multiples of 195 equity shares following the minimum of 195 shares. The IPO is open to employees as well, and they will receive a discount of ₹7 per share on the offer price.
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