Bhavish Aggarwal's Ola Electric gets Sebi approval for Rs 7,250-crore IPO

Ola Electric, the electric vehicle startup by Bhavish Aggarwal, has secured approval from the Securities and Exchange Board of India (Sebi) for its Rs 7,250 crore initial public offering (IPO), said people aware of the development. Following the market regulator’s nod, Ola Electric is set to become the first Indian EV company to go public.

Sebi’s approval, coupled with a buoyant market, could potentially enable the company to launch its IPO within a month, according to those familiar with the matter. However, this timeline remains unconfirmed. Efforts to reach the company for comment were unsuccessful.

The IPO will comprise a fresh issue of equity shares amounting to Rs 5,500 crore, along with an offer for sale (OFS) of over 95 million equity shares, estimated to be worth around Rs 1,750 crore.