Ola Electric lowered IPO price because of this reason, CEO Bhavish Aggarwal says

Ola Electric founder and chief executive Bhavish Aggarwal said the company attempted to make its IPO more attractive for investors by lowering the issue’s valuation compared with its last private round. The ₹6,146 crore IPO, the largest so far this years, is now at a 25% discount to Ola Electric’s previous valuation of $5.4 billion.

Bhavish Aggarwal told Economic Times, “We are four-five years old and have scaled significantly. I wanted to make sure we price it attractively for the entire investor community in India. It’s a journey of significance for the country — we’re doing EVs, cells, India manufacturing, cutting-edge manufacturing. Hence, we represent a lot of themes that the future of the Indian economy is built on. The response from investors has been very encouraging.”