STARTUP-STORIES

Ola Electric Secures SEBI Nod for India's First EV Startup IPO

SUMMARY

Ola Electric has received approval from SEBI for its initial public offering (IPO), making it the first EV startup in India to go public, aiming to raise up to Rs 5,500 crore and achieve a $6 billion valuation.

The funds from the IPO will be used to expand manufacturing, enhance R&D, and scale operations, marking a significant milestone in India's rapidly growing EV market.

Ola Electric has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), marking a significant milestone as the first electric vehicle (EV) startup in the country to go public. According to sources, SEBI is expected to formally announce the approval in the coming days.

Founder Bhavish Aggarwal has already informed a group of employees about SEBI’s nod. Ola Electric had filed its draft red herring prospectus (DRHP) with SEBI on December 22, proposing to raise up to Rs 5,500 crore through a fresh issue, alongside an offer-for-sale (OFS) of 95.2 million shares.

The Bengaluru-based company aims to achieve a $6 billion valuation through the public offering, according to earlier reports by ET, citing bankers. This IPO marks a significant step in Ola Electric's growth trajectory, highlighting the increasing investor confidence in the burgeoning EV sector in India.