Ola Electric IPO gets SEBI approval; to be first EV startup IPO in India: Report

Ola Electric IPO news: Ola Electric, a prominent EV startup based in Bengaluru, has received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO), according to individuals familiar with the development.
This marks the first instance of an EV startup in India securing Sebi’s green light for an IPO. The formal announcement from Sebi is anticipated in the coming days, according to an ET report.
Bhavish Aggarwal, the founder of Ola Electric, has reportedly informed a select group of employees about Sebi’s approval.
The company submitted its draft red herring prospectus (DRHP) to Sebi on December 22, outlining its plan to raise up to Rs 5,500 crore through a fresh issue of shares. Additionally, the IPO will include an offer-for-sale (OFS) component involving 95.2 million shares.
According to bankers, Ola Electric is targeting a valuation of $6 billion through the public offering, as previously reported by ET.