India’s Ola Electric wins approval for $660 mln IPO, sources say

MUMBAI, (Reuters) – Indian e-scooter maker Ola Electric has received regulatory approval to go ahead with its $660 million Initial Public Offering, said two sources with direct knowledge, paving the way for the country’s first ever EV stock listing.

SoftBank and Temasek-backed Ola had filed its papers with India’s Securities and Exchange Board of India last December for approval, in a deal meant to help it expand operations.

Ola now plans to list its shares by mid July, and in coming days will reach out to investors to assess demand for its issue, both sources said.

Ola and SEBI did not reply to requests for comment.

It already met global investors in roadshows earlier this year, but will “re-discuss terms and explain the business,” the second source said.

The company is India’s biggest e-scooter maker in the relatively small but fast-growing space and competes with TVS Motor, Bajaj Auto and Ather Energy. It was last valued at $5.4 billion in September 2023.

($1 = 83.5709 Indian rupees)

Reporting by M. Sriram, Editing by Louise Heavens