Ola Electric’s ₹5,500 crore IPO to launch next Friday on August 2

Ola Electric is set to launch its ₹5,500 crore initial public offering (IPO) for retail investors on August 2 or Friday next week, Reuters reported, quoting the company’s exchange filing, adding that the company would be valued between $4.2 billion to $4.4 billion, which is 18.5-22% lower than the last funding round in September, led by Singapore-based investment firm Temasek.

The issue will go on till August 6, with founder and CEO Bhavish Aggarwal selling 37.9 million shares, which is 20% lower than estimated in the draft prospectus.