EV maker Ola Electric secures market regulator Sebi approval for IPO

Ola Electric, the electric vehicle manufacturer, has secured approval from Sebi for its initial public offering (IPO), aiming to raise Rs 7,250 crore. \r

This milestone makes Ola Electric the first Indian EV company to go public. The IPO will consist of a fresh issue of equity shares worth Rs 5,500 crore and an offer for sale (OFS) of over 95 million equity shares valued around Rs 1,750 crore. \r

Founder Bhavish Aggarwal plans to sell up to 3.48% stake, while proceeds from the offering, as per the draft red herring prospectus (DRHP), will fund capex, debt repayment, and substantial investments in research and development.