Investors rush to find anchor in Ola Electric IPO; local, foreign cos sign up for likely $350m book

Mumbai: Overseas and local investors have shown keen interest in participating in the anchor book of Ola Electric Mobility as the valuation of the electric two-wheeler maker’s initial public offering (IPO) approaches $4 billion, down from earlier expectations. The IPO is set to open August 2.

Domestic investors, including SBI AMC, HDFC AMC, Nippon Life India AMC and UTI AMC will bid about $200 million each, while international ones such as Fidelity, Nomura and Norway’s Norges Bank will bid in the range of $75-100 million each.