Ola Electric sets IPO price range at Rs 72-76 per share

Ola Electric, backed by SoftBank, has announced a price band of 72-76 rupees ($0.86-$0.91) per share for its upcoming IPO, as per an advertisement in the Financial Express on Monday. This IPO, opening from August 1 to August 6, is poised to be one of India's largest this year, raising approximately $740 million.

As the first Indian electric vehicle maker to go public, Ola Electric dominates the e-scooter market in India, where the adoption of clean vehicles is rapidly increasing. The IPO will include a 7 rupee per share discount for certain eligible employees.

Investors such as Fidelity, Nomura, and Norges Bank, along with several Indian mutual funds, are expected to participate, according to a Reuters report.

The IPO will raise $660 million through new shares and allow existing investors, including founder Bhavish Aggarwal, to sell about $80 million worth of shares. Retail investors will have 10 per cent of the IPO reserved for them. The funds will be used for capital expenditure and research and development.

( With Reuters inputs)