India's Ola Electric wins approval for $660 million IPO, sources say

A man checks his mobile phone as he waits while recharging his Ola electric scooter at an electric vehicle charging station in New Delhi, India, February 12, 2022. REUTERS/Aditi Shah/File PhotoMUMBAI : Indian e-scooter maker Ola Electric has received regulatory approval to go ahead with its $660 million Initial Public Offering, said two sources with direct knowledge, paving the way for the country's first ever EV stock listing.

SoftBank and Temasek-backed Ola had filed its papers with India's Securities and Exchange Board of India last December for approval, in a deal meant to help it expand operations. Ola now plans to list its shares by mid July, and in coming days will reach out to investors to assess demand for its issue, both sources said.It already met global investors in roadshows earlier this year, but will"re-discuss terms and explain the business," the second source said.

The company is India's biggest e-scooter maker in the relatively small but fast-growing space and competes with TVS Motor , Bajaj Auto and Ather Energy. It was last valued at $5.4 billion in September 2023. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

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