SoftBank-backed Ola Electric's IPO attracts $2 bn of bids from big institutions
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SoftBank-backed Ola Electric's IPO attracts $2 bn of bids from big institutions

By Reuters

  • 02 Aug 2024
SoftBank-backed Ola Electric's IPO attracts $2 bn of bids from big institutions
Ola Electric's S1 Air e-scooters | Credit: Reuters/VarunVyas Hebbalalu

Ola Electric's IPO drew bids worth over $2 billion from institutions ahead of its opening for retail investors, with shares allocated to Nomura, Norges Bank and some Indian mutual funds, a source with direct knowledge said.

Indian electric scooter maker Ola, backed by SoftBank, plans to raise $734 million in the country's biggest IPO this year. The quota for big institutions was set at $330 million and allocation was completed on Thursday.

SBI and HDFC Mutual Funds were allocated shares worth $30-$36 million each, while Nomura and Norges Bank were allocated around $24 million each, the source added.

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Ola Electric and the investors named did not immediately respond to Reuters requests for comment.

The firm, founded by Bhavish Aggarwal, is selling shares in the range of 72-76 rupees and is targeting a valuation of $4 billion.

Bidding for retail investors and eligible employees opens on Friday and closes Tuesday.

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