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News on Medial
SoftBank-backed Ola Electric's IPO attracts $2 bn of bids from big institutions
VCCircle
·
11m ago
Medial
Ola Electric, backed by SoftBank, received over $2 billion in bids from big institutions ahead of its initial public offering (IPO). The IPO aims to raise $734 million and has already allocated shares to institutions such as Nomura, Norges Bank, SBI Mutual Funds, and HDFC Mutual Funds. Ola Electric plans to sell shares in the range of 72-76 rupees, targeting a valuation of $4 billion. The IPO is set to open for retail investors and eligible employees on Friday and close on Tuesday.
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Related News
Hyundai, Swiggy, NTPC Green-India's biggest IPOs of 2024
Money Control
·
9m ago
Medial
1. Hyundai Motor India's $3 billion IPO opens for subscription next week with the aim of achieving a valuation of around $19 billion. 2. Swiggy, backed by SoftBank, is planning an IPO worth $1.25 billion. 3. NTPC's green energy arm has filed for a $1.2 billion IPO. 4. Bajaj Housing Finance's shares have more than doubled after a successful $782 million IPO. 5. Ola Electric's $734 million IPO in August garnered interest from investors like Fidelity and Nomura. 6. Schloss Bangalore, backed by Brookfield, has filed for a $599 million IPO. 7. Bharti Hexacom's $511 million IPO in April received bids exceeding $8 billion. 8. Aadhar Housing Finance raised $358 million through its IPO in May.
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Ola Electric sets price band of Rs 72-76 per share for IPO
YourStory
·
11m ago
Medial
Ola Electric, a Softbank-backed electric vehicle maker, has announced its initial public offering (IPO) price range of Rs 72 to Rs 76 per equity share. The offering includes a fresh equity issue of Rs 5,500 crore and an offer for sale (OFS) of 8,49,41,997 shares. Bids can be made for a minimum of 195 shares and in multiples of 195 shares. Ola Electric's IPO will open for subscription on August 2, with the anchor investor bidding starting on August 1. The company's revenue in FY24 rose to Rs 5,009.8 crore while its loss was recorded at Rs 1,584.4 crore.
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SoftBank-backed Ola Electric likely to peg valuation at $4.5 bn in upcoming IPO
VCCircle
·
1y ago
Medial
SoftBank-backed Indian e-scooter maker, Ola Electric, is expected to value the company at $4.5 billion for its upcoming initial public offering (IPO). This valuation is around 16-20% lower than its last funding round. The IPO was approved by the Indian markets regulator in June and is set to be one of the country's largest share sales this year. The final valuation could still change, but it is unlikely to reach the $6 billion target that Ola Electric's founder, Bhavish Aggarwal, had previously hoped for.
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Ola Electric eyes IPO filing by end-October in expedited listing plan
Economic Times
·
1y ago
Medial
Ola Electric, the Indian e-scooter maker, plans to file regulatory papers for its IPO of up to $700 million by the end of October. Backed by investors such as SoftBank and Temasek, Ola Electric seeks to fast-track its listing process. The company's IPO project is internally known as "Project Himalaya", and it has asked its bankers and lawyers to prioritize meeting a five-week deadline. Ola Electric's IPO roadshows are expected to take place in January or February. The company, with a 30% market share in India, recorded a loss of $136 million in the fiscal year ending March 2023.
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Investors rush to find anchor in Ola Electric IPO; local, foreign cos sign up for likely $350m book
Economic Times
·
11m ago
Medial
The upcoming IPO of Ola Electric Mobility has attracted interest from both domestic and international investors, as the company's valuation approaches $4 billion. The IPO is set to open on August 2, with anchor investors such as SBI AMC, HDFC AMC, and international institutions like Fidelity and Nomura bidding around $200-100 million each. This IPO marks the first fundraising initiative by an automaker in over 20 years. Ola Electric's CEO, Bhavish Aggarwal, will participate in the offer for sale, reducing his stake in the company. The anchor book is expected to open on August 1, with listing anticipated on August 9.
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Fidelity, Nomura line up bids for Ola Electric's IPO
Economic Times
·
11m ago
Medial
Ola Electric's upcoming IPO is expected to attract bids from investors including Fidelity, Nomura, and Norges Bank, along with Indian mutual funds SBI, HDFC, UTI, and Nippon India. Fidelity is likely to bid around $75 million, while Nomura and Norges will each place bids of $100 million in the IPO anchor book. The IPO will raise $660 million through the issuance of new shares, with existing investors, including founder Bhavish Aggarwal, also selling their stake of about $80 million. The final valuation for the IPO is estimated to be around $4 billion to $4.2 billion.
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Bhavish Aggarwal to earn ₹288 crore from Ola Electric IPO: Report
Inshorts
·
11m ago
Medial
Ola CEO Bhavish Aggarwal could earn ₹288 crore from Ola Electric's ₹6,146-crore IPO, a report said. The IPO, which will open on Friday, has a price band of ₹72-76. Bhavish currently holds over 1.3 billion equity shares in Ola Electric, representing a 36.94% stake. Notably, Ola Electric's investor Z47 will reportedly get 824% returns from the IPO.
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IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%
Inc42
·
11m ago
Medial
Ola Electric, the electric mobility startup led by Bhavish Aggarwal, reported an increase in net loss for the financial year 2023-24. The company's net loss widened by 7.6% to INR 1,584.4 crore from the previous year. However, Ola Electric's operating revenue surged over 90% to INR 5,009.8 crore during the same period, driven by a substantial growth in vehicle sales. Ola Electric's initial public offering (IPO) is set to open for retail subscriptions from August 2 to August 6.
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Govt orders audit of Ola Electric's service centres after consumer complaints
VCCircle
·
9m ago
Medial
- India's heavy industries ministry orders an audit of Ola Electric's service centers due to consumer complaints. - Ola Electric received a notice from India's consumer protection agency following 10,000 complaints about delayed and unsatisfactory after-sales services. - The audit aims to ensure that Ola Electric is maintaining its service centers and honoring consumer warranties to be eligible for government incentives. - The Automotive Research Association of India (ARAI) has been asked to conduct the audit, after which the government will decide the next course of action. - Ola Electric's eligibility to receive incentives under the government program could be affected if found to be in violation. - Ola Electric, backed by Softbank Group, has a 27% market share in India's e-scooter market.
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SoftBank, TPG-backed FirstCry gets $3.4 bn in bids for $501 mn IPO
VCCircle
·
11m ago
Medial
Indian baby products retailer FirstCry's $501 million IPO received bids worth $3.36 billion, with investors optimistic about the growth potential of the baby and child products market in India. The IPO was initially slow to attract interest but gained momentum and was oversubscribed. The institutional investor portion was oversubscribed by 19.3 times, while retail investors bid 2.3 times the shares on offer for them. FirstCry, backed by SoftBank, TPG, and Mahindra & Mahindra, plans to use the funds for acquisitions, international expansion, and to establish new stores and warehouses in India.
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