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

MUMBAI : Indian e-scooter maker Ola Electrical has obtained regulatory approval to transfer forward with its $660 million Initial Public Providing, mentioned two sources with divulge recordsdata, paving the system for the country’s first ever EV stock listing.

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

Ola now plans to listing its shares by mid July, and in coming days will attain out to traders to evaluate place a question to for its downside, both sources mentioned.

Ola and SEBI did no longer acknowledge to requests for comment.

It already met global traders in roadshows earlier this 365 days, nevertheless will “re-focus on terms and demonstrate the synthetic,” the 2d source mentioned.

The corporate is India’s greatest e-scooter maker within the rather minute nevertheless hastily-rising residence and competes with TVS Motor , Bajaj Auto and Ather Vitality. It became final valued at $5.4 billion in September 2023.

($1 = 83.5709 Indian rupees)