Ola Electric gets Sebi approval for ₹5,500 crore IPO

Bhavish Aggarwal-led Ola Electric has received the go-ahead from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

This move marks the first IPO by an electric vehicle (EV) startup in the country.

Ola Electric's public issue consists of a fresh issue of Rs 5,500 crore and an offer-for-sale (OFS) of 9.51 crore equity shares, according to the draft red herring prospectus.

As part of OFS, Aggarwal will offload 4.7 crore equity shares, and the promoter group, Indus Trust, will sell 41.78 lakh shares.