Ola Electric sets IPO price band at Rs72-76

New Delhi: Homegrown EV firm Ola Electric is set to offer shares in the price band of Rs72-76 in its initial public offering (IPO) worth Rs5,500 crore that will open for subscription on August 2 and close on August 6. Around 10 per cent of the IPO will be reserved for retail investors.

The IPO will have an offer for sale (OFS) component of up to 84.94 million which translates to Rs645.96 crore (at the upper price band).

With this, the total issue size will be at Rs6,145.96 crore, taking Ola Electric’s market cap to nearly Rs33,500 crore.

Ola Electric’s promoters Bhavish Aggarwal and Indus Trust will sell 3.79 crore and 41.79 lakh shares, respectively.