The company's stock market debut next month will be one of India's biggest IPOs this year.
Ola, though still loss making, has gained a 46% market share in e-scooters in the three years since it was founded, even though it slashed its sales goals last year after Prime Minister Narendra Modi's government reduced some industry incentives.
The Bhavish Aggarwal-led electric vehicle firm is expected to raise INR 5,500 crore in fresh capital via the IPO, apart from the offer-for-sale (OFS) component.
Ola Electric was initially aiming for a USD 6-7 billion valuation but has since tempered its expectations. According to its draft red herring prospectus filed in December, the company is facilitating an OFS of 95.2 million shares.
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