Ola Electric, backed by SoftBank, is set for a $740 million IPO this week, marking India’s first electric vehicle maker’s public offering. Fidelity, Nomura, and Norges Bank are among the major investors, with Fidelity bidding $75 million and the others $100 million each. Indian mutual funds like SBI, HDFC, UTI, and Nippon India will also bid, totaling over $700 million. The IPO, expected to value Ola at $4-4.2 billion, will issue new shares worth $660 million and allow existing investors to offload $80 million.
Fidelity, Nomura and Norges Bank line up bids for Ola Electric’s IPO
