IPO Update: Bhavish Aggarwal’s Ola Electric to Go Public on August 2

The Indian Electric Scooter giant backed by SoftBank, Ola Electric, on Saturday (July 27) announced its much awaited its initial public offering (IPO), according to the Economic Times Report.

The IPO is scheduled to to open for institutional investors on August 1 and for retail investors on August 2. The public offering will close for retail subscriptions on August 6.

As per the Economic Times report, the IPO will value Ola Electric between USD 4.2 billion to USD 4.4 billion.

Bhavish Aggarwal, Ola’s founder, will sell 37.9 million shares, which is about 20 per cent less than initially planned, added the Economic Times reports.

Moreover, despite challenges the company has carved out a significant market shares. Within just three years, it has captured 46 per cent of the market.

What This Means for Investors

As Ola Electric prepares for its stock market debut, all eyes will be on how well it performs and whether it meets investor expectations.

For retail investors, the Ola Electric IPO presents an opportunity to invest in a company within India's burgeoning EV market.

Last month, the company got approval from the Securities and Exchange Board of India (SEBI) for its first public offering. The IPO will feature a new share issue valued at Rs 5,500 crore and a share sale worth Rs 1,750 crore, added multiple reports.