Ola Electric Mobilizes Rs 2,763 Crore from Anchor Investors Ahead of IPO

Ola Electric Mobility has secured Rs 2,763 crore from anchor investors before its IPO for public subscription, which is scheduled from August 2 to 6. This includes participation from major funds and insurance companies. The funds will support cell manufacturing expansion, research and development, debt repayment, and organic growth.

Ola Electric Mobility, a leading electric two-wheeler manufacturer, announced on Thursday its successful mobilization of Rs 2,763 crore from anchor investors. The announcement comes a day before its initial public offering (IPO) opens for public subscription.

According to a circular posted on BSE's website, the anchor round included foreign portfolio investors (FPIs), domestic mutual funds, and insurance companies. Key participants included SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, and international giants like Goldman Sachs and Fidelity.

The company allotted 36.35 crore equity shares at Rs 76 each, totaling Rs 2,763 crore. With a price band set between Rs 72 and Rs 76 per share, the IPO will be open from August 2 to August 6, combining a fresh issue and an offer for sale to amass a total of Rs 6,145.56 crore. Founder Bhavish Aggarwal will offload nearly 3.8 crore shares in the offering.

(With inputs from agencies.)