Ola Electric IPO Receives SEBI Nod, Eyes $1B Raise

The Securities and Exchange Board of India (SEBI) has approved Ola Electric's initial public offering (IPO), allowing the company to proceed with its plans to raise up to ₹7,250 crore (approximately $850 million). The IPO will consist of a fresh issue of ₹5,500 crore and an offer-for-sale of 95.2 million shares. Bhavish Aggarwal, the company's founder, is set to sell 4.7 crore of his equity shares as part of the offer-for-sale component. This marks a significant milestone for Ola Electric, positioning it as a prominent player in India's electric vehicle sector.