Ola Electric Mobility, backed by SoftBank, has set the IPO price band at Rs 72-76 per share for its Rs 6,100 crore public offering, starting on August 2. The IPO includes a fresh issue of up to Rs 5,500 crore and an offer for sale of 8.49 crore shares. Founder Bhavish Aggarwal will sell about 3.8 crore shares. Funds will enhance cell manufacturing capacity, R&D, debt repayment, and growth. The company’s gigafactory in Tamil Nadu will ramp up production, aiming to complete Phase 1(a) by March 2024.
